BitcoinLong
BTC/USD - Weekly Overview
For the past week, Bitcoin is attempting to create sustainability above the psychological crucial mark of 20K. Additionally, after a positive crossover of MA-7 against MA-20, we haven’t witnessed any sharp downfall on the chart.
However, the price level still remains below MA-50 which suggests that there is still a bearish sentiment in the overall market conditions.
On the other hand, the RSI level is showcasing strong bounceback from the oversold region and has formed a rising channel pattern. The current level lies at 44.81. Last time, when the level was above 50, BTC was trading above 30K.
With the ongoing positive trend on a shorter timeframe, BTC is expected to face resistance at 22K and 24K respectively. On the contrary, support levels could be placed at 20K and 18K respectively.
However, the price level still remains below MA-50 which suggests that there is still a bearish sentiment in the overall market conditions.
On the other hand, the RSI level is showcasing strong bounceback from the oversold region and has formed a rising channel pattern. The current level lies at 44.81. Last time, when the level was above 50, BTC was trading above 30K.
With the ongoing positive trend on a shorter timeframe, BTC is expected to face resistance at 22K and 24K respectively. On the contrary, support levels could be placed at 20K and 18K respectively.
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