The world’s largest cryptocurrency has developed positive sentiment during the past week as the price level climbed above and maintained sustainability above the psychological mark of $20K.
Building upon the positive sentiment, BTC tested the resistance at $21K which is placed at 0.618 FIB level on the Fibonacci retracement table. But it did not have a positive breakout above the resistance level and currently facing moderate profit booking momentum. It could be expected that there’s a support build-up present at 0.382 FIB level.
Considering the technical indicators, the RSI level is showcasing negative nature and is vulnerable to breaking below 50. The MACD level has also formed a bearish crossover and started to form red bars on the histogram.
Overall, BTC has formed strong support points at $19K and $18K, respectively. On the opposite, if the positive trend prevails throughout this week, it could also test resistance present at $21K and $23K, respectively.
Building upon the positive sentiment, BTC tested the resistance at $21K which is placed at 0.618 FIB level on the Fibonacci retracement table. But it did not have a positive breakout above the resistance level and currently facing moderate profit booking momentum. It could be expected that there’s a support build-up present at 0.382 FIB level.
Considering the technical indicators, the RSI level is showcasing negative nature and is vulnerable to breaking below 50. The MACD level has also formed a bearish crossover and started to form red bars on the histogram.
Overall, BTC has formed strong support points at $19K and $18K, respectively. On the opposite, if the positive trend prevails throughout this week, it could also test resistance present at $21K and $23K, respectively.