BTC/USD - Weekly Overview
The past week's price performance resulted in more skepticism among investors as BTC faced multiple negative breakouts below the crucial psychological mark of 20K. Compared to the previous high of the previous month, BTC is almost down by 37%.
On the Fibonacci retracement table, the price level has fallen below the 0.236FIB level and unable to have any positive breakouts since then. The RSI level is constantly facing resistance at 50.
Considering the technical pattern, BTC has formed a descending triangle from a couple of weeks of price action. A positive breakout from the pattern in upcoming days might hint at the revival of bulls and vice-versa. The BB has also contracted its width on the chart while showcasing downtrending nature. The price level is having a hard time sustaining above the baseline of BB.
Overall, exposure to further downtrend might be a possibility if the world’s largest cryptocurrency stays below 20K. In that case, support levels can be placed at 18K and 17K. On the contrary, if the bulls are able to make a comeback, resistance can be placed at 22K and 23K.
On the Fibonacci retracement table, the price level has fallen below the 0.236FIB level and unable to have any positive breakouts since then. The RSI level is constantly facing resistance at 50.
Considering the technical pattern, BTC has formed a descending triangle from a couple of weeks of price action. A positive breakout from the pattern in upcoming days might hint at the revival of bulls and vice-versa. The BB has also contracted its width on the chart while showcasing downtrending nature. The price level is having a hard time sustaining above the baseline of BB.
Overall, exposure to further downtrend might be a possibility if the world’s largest cryptocurrency stays below 20K. In that case, support levels can be placed at 18K and 17K. On the contrary, if the bulls are able to make a comeback, resistance can be placed at 22K and 23K.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.