The past week for Bitcoin was the most anticipated one as it broke above the crucial psychological mark of $30K.
On the chart, it was observed that the bullish rally for the world’s largest digital asset started at the 0.786 FIB level and broke above the 0.236 FIB level.
From hereon, it will be crucial for BTC to maintain sustainability above 0.236 FIB level for further price discovery at higher levels.
Considering technical indicators, the RSI level is taking divergence from the overbought region and is expected to take a breather in the neutral zone.
The Directional Movement Index (DMI) suggests caution as +DI looks in potential to face a negative crossover against -DI.
Overall, resistance levels can be placed at $32K and $34K, while, the support levels can be placed at
29K
and
27K
, respectively.
On the chart, it was observed that the bullish rally for the world’s largest digital asset started at the 0.786 FIB level and broke above the 0.236 FIB level.
From hereon, it will be crucial for BTC to maintain sustainability above 0.236 FIB level for further price discovery at higher levels.
Considering technical indicators, the RSI level is taking divergence from the overbought region and is expected to take a breather in the neutral zone.
The Directional Movement Index (DMI) suggests caution as +DI looks in potential to face a negative crossover against -DI.
Overall, resistance levels can be placed at $32K and $34K, while, the support levels can be placed at
29K
and
27K
, respectively.