Get started

BTCUSDT

BTC/USD - Weekly OverviewThe past week for Bitcoin started off with a positive note as the price level tested the crucial resistance mark of $20K. However, as the level was trading above $20K, a strong profit booking momentum was observed which brought the strong support of $18K into play. nThe support level did again provide the much-required bounceback and the current level is trading between 0.786 FIB level to 0.618 FIB level based on the Fibonacci retracement. Above the 0.618 FIB level, there’s a strong resistance zone for the world’s largest cryptocurrency which it needs to break above and maintain price sustainability at the same time. One of the possible hints for an upcoming bullish trend in the short-term could be the positive crossover of MA-10 against MA-20. However, the crossover was just witnessed on the chart and has the possibility of forming a divergence too. The MACD level remains below the histogram which indicates that the buying volume might not be humongous considering the height of green bars formed. However, the RSI level has broken above the temporary resistance formed on the chart. It’s currently residing at 59.44. Overall, BTC might be heading to retest the resistance level present at $20K and $21K thereafter. In case of a turn of events, the crypto king can have support placed at $19K and $18K
COINBASE:BTCUSD
by TradeDog-Research
BTC/USD - Quarterly Overview (Q3 2022)For the third quarter of 2022, Bitcoin had bullish inception during the first month upon which it had a build-up to test the major resistance level of $25K during August. The price action formed a rising channel pattern before facing significant retracement from the resistance level. The retracement somehow settled at the psychological mark of $20K and maintained temporary sustainability, however, by the end of August, the level was too broken. During the last month of the quarter, the world’s largest cryptocurrency was on the brink of breaking below the crucial support level of $18K but had a strong bounceback and retested the resistance present at $22.5K but failed to have a positive breakout and faced sharp retracement again. The price action pattern is witnessed for the second consecutive time which can indicate that between the price level of $22K to $25K, there are a great number of sellers expecting to encash their BTC Since then, BTC is looking to have a positive and sustainable breakout above the 0.786 FIB level based on the Fibonacci retracement table. It also suggests that bitcoin can face strong resistance at 0.5 FIB level and 0.382 FIB level respectively Considering technical indicators, the RSI level had been quite volatile throughout the quarter by entering overbought and oversold regions on multiple occasions reflecting upon the price rebound between the range of $18K to $25K. MACD level also reflects similar nature as it had multiple breakouts both below and above the histogram. Considering future prospectus, MA-20 just had a positive crossover against MA-50 which may provide some positive momentum for BTC in the upcoming days. The RSI level is also forming a rising channel pattern while the MACD level has again climbed above the histogram. Overall resistance levels can be placed at $21K and $25K. On the negative side, support levels can be placed at $17K and $15K
COINBASE:BTCUSDLong
by TradeDog-Research
BTC/USD - Weekly OverviewThe past week had a quick change of sentiments as the world’s largest cryptocurrency is back again above the crucial psychological mark of $20K. The price level did make a weekly low of around $18.5K Currently, the price level is testing both MA-100 and MA-200. However, the alarming aspect is that MA-50 is still showcasing negative nature which might hint that a routine correction might be on the way The RSI also supports a similar sort of hypothesis as the level is near the overbought region and can face quick retracement. MACD level has finally started to formulate green bars and broke above the histogram for the first time this month. Overall, Bitcoin has showcased a positive rally in this month and a profit booking momentum can be expected in the upcoming days. Support levels can be placed at $20K and $18K whereas the resistance levels can be placed at $23K and $25K.
COINBASE:BTCUSDShort
by TradeDog-Research