BTC/USD - Weekly Overview

3 thg 10, 2022

The 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