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BTCUSDT

BTC/USD - Weekly OverviewBitcoin continued its positive momentum in the past week as the YTD gain reached approximately 40%. On the Fibonacci retracement table, BTC price level had entered the resistance zone which is above 0.786 FIB level. Considering the technical indicators, Bollinger bands has contracted its width which suggests a potential consolidation or profit-booking momentum. The MACD level has also started to form red bars on the histogram while the levels look vulnerable for a negative crossover. Overall, if the bulls are able to sustain the ongoing positive momentum, BTC will test the resistance present at $25K and $27K. However, if we witness a considerable profit booking momentum, support levels can be placed at $22K and $20K.
COINBASE:BTCUSDShort
by TradeDog-Research
BTC/USD - Weekly OverviewThe world’s largest cryptocurrency has maintained its positive momentum since the start of the year and generated approximately 36.83% YTD returns. On the chart, two areas are marked representing the resistance zone and sustainability zone, respectively. The current price action of BTC suggests that it will be targeting a positive breakout above the resistance zone placed above the 0.786 FIB level. However, the bullish engulfing candle which led to the breakout above 0.618 FIB level suggests that Bitcoin needs to spend some time in the sustainability region to formulate potential support zones. Having another bullish momentum on the current build-up might lead to volatile profit booking momentum which might deteriorate previously gained returns. The technical indicators including MACD and RSI are sustaining on bullish levels as RSI is in the overbought region for most of 2023. The MACD continues to form green bars on the histogram. Overall, the resistance level for BTC will be at $23K and $25K. Whereas, if profit booking momentum comes into action, support levels can be placed at $21K and $20K.
COINBASE:BTCUSD
by TradeDog-Research
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BTC/USD - Weekly OverviewBTC had a stellar start in 2023 as it broke above the crucial psychological mark of $20K. The YTD gain is now almost 25% while the weekly gain is around 20%. On the chart, Bitcoin broke above the 0.5 FIB level, entering the resistance zone present between 0.5 FIB level to 0.618 FIB level. The key level to watch out for is $21K and sustainability above it. If the price level can maintain sustainability above the level, we could expect more positive momentum in the near term. On the positive side, MA-10 is trading above both MA-20 and MA-50 after a very long time and it suggests positive momentum in the short term. However, the RSI level has started to showcase negative nature which suggests that BTC can face profit-booking momentum at the current price level. But RSI level has been able to maintain sustainability in the oversold region since the start of the year. Overall, the world’s largest digital asset has eroded the losses faced by the collapse of FTX. With the positive sentiment surrounding the overall market conditions, we can expect BTC to test the resistance levels of $22K and $24K. In case, there’s a profit booking momentum, it will have support at $20K and $18K, respectively.
COINBASE:BTCUSD
by TradeDog-Research
Btc analysis on its daily TF with supp & resisAre you looking for a reliable way to trade Bitcoin? Our solution is the perfect fit for you. Our analysis of Bitcoin price movements and Fibonacci retracements gives you an accurate picture of the current market, allowing you to make informed trading decisions. Our up-to-date analysis is updated daily, giving you all the information necessary to make a profitable trade. With our help, you can be sure that your investments are in safe hands!
by nawaab001
BTC/USD - Weekly OverviewBitcoin started 2023 on a positive note as the price level formed a rising channel pattern on the chart. Considering moving averages, MA-10 is trading above both MA-20 and MA-50, which is again a positive sign for the world’s largest cryptocurrency. The RSI level is also showcasing an extremely positive nature with a breakout to the overbought region. At the same time, this may also suggest that we can witness a profit-booking momentum for BTC in the near term with the level exhausted at 77.91. Overall, BTC is yet to break above the crucial resistance levels of $18K and $20K, respectively. In case of a turn of events, it can have support at $16K and $15K, respectively.
COINBASE:BTCUSDLong
by TradeDog-Research
BTC/USD - Quarterly Overview (Q4'22)The last quarter of 2022 turned out to be the most damaging one for the world’s largest cryptocurrency. As the price level was able to maintain sustainability above the crucial support level of $18K, the collapse of the centralized exchange, FTX, resulted in a bloodbath in the overall market conditions. Thereafter, BTC suffered a new 52-week low of approximately $15.5K. Since then, the price level did not climb above the psychological mark of $20K ever again. Due to the downside, the price level of $18K has become a major hurdle for Bitcoin to break above. It did test the resistance mark during December but was unable to break above. Considering the current momentum, since the start of 2023, Bitcoin is forming a potential rising channel pattern that could retest the resistance present at the 0.382 FIB level. Until then, we can expect the world’s largest digital asset to move in a consolidating nature. Otherwise, a breakout above $18K can be a potential signal for bullish momentum in the near term. The support levels for BTC can be placed around $16K and $15K, whereas, the resistance levels can be placed at $18K and $20K, respectively.
COINBASE:BTCUSDLong
by TradeDog-Research