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BTC/USD - Weekly OverviewBitcoin price level hovered within the consolidation range depicted in the chart. The world’s largest cryptocurrency maintained sustainability above the strong support level of $19K. Thereafter, the price level is currently attempting for a positive breakout above the consolidation range. It must be noted that BTC faced a couple of negative breakouts after forming a consolidation range for a considerable time during the past months. Bulls might have an excellent opportunity to develop sustainability at a higher range and be a sentiment changer if the daily candle closes above the consolidation range. Supporting the hypothesis is the positive crossover of MA-10 against MA-25 and MA-50. However, on previous occasions, we have seen significant selling pressure as soon as MA-10 goes above other moving averages, reflecting the present resistance. RSI level is targeting the overbought region while residing at 63.34 at the time of recording. Overall, BTC will face resistance at $23K and $24K. Incase of a turn of events, support levels can be placed at $19K and $18K.
COINBASE:BTCUSDLong
by TradeDog-Research
BTC/USD - Weekly OverviewDuring the past week, BTC had developed a strong support base of around $19K besides being traded below the crucial psychological mark of $20K on multiple occasions. The weekly high was registered at around $22.5K testing the resistance present at 0.236FIB level. With the recorded CMP at $20,560, MA-10 is looking at the potential to have a positive crossover against MA-5 which can result in more positive momentum if happened. The MACD level are supporting the hypothesis as the level had crossed above the histogram for the first time since the last month. Overall, BTC had developed support levels at $20K and $18K. The hurdles currently faced by the bulls are around $23K and $25K respectively.
COINBASE:BTCUSDLong
by TradeDog-Research
BTC/USD - Quarterly OverviewThe past financial quarter didn’t go as expected. We did witness the emergence of humongous selling pressure in the overall market conditions including Bitcoin. The world’s largest cryptocurrency has almost retraced about 60% considering the high of Q2 2022 and the current market price. Although the downfall wasn’t a steeped one, BTC found support levels at regular intervals when it broke below $45K for the first time in the quarter. Considering the moving averages, BTC is trading below MA-10, MA-50, and MA-100 which certainly reflects the prevailing bearish sentiment. The price level had attempted to develop sustainability above MA-10 on multiple occasions but failed to have a formidable bounceback. MA-50 is currently acting as a temporary resistance level while MA-100 lies far beyond the current price action. The RSI level also faced multiple dips toward the oversold region, especially during the last month of the quarter, and currently showcasing negative nature. The MACD level mostly spent the quarter below the histogram which again reflects the bearish sentiment. Currently, it is looking for a breakout above the histogram. Overall, bears are certainly having a grip over the market conditions. If BTC continues to sustain below the crucial psychological mark of $20K, one might expect more downfall. In that case, support levels can be placed at $18K and $16K. On the contrary, resistance levels can be placed at $22K and $24K.
COINBASE:BTCUSD
by TradeDog-Research