BTC/USD - Weekly Overview
The world’s largest cryptocurrency has developed positive sentiment during the past week as the price level climbed above and maintained sustainability above the psychological mark of 20K.
Building upon the positive sentiment, BTC tested the resistance at 21K which is placed at 0.618 FIB level on the Fibonacci retracement table. But it did not have a positive breakout above the resistance level and currently facing moderate profit booking momentum. It could be expected that there’s a support build-up present at 0.382 FIB level.
Considering the technical indicators, the RSI level is showcasing negative nature and is vulnerable to breaking below 50. The MACD level has also formed a bearish crossover and started to form red bars on the histogram.
Overall, BTC has formed strong support points at 19K and 18K, respectively. On the opposite, if the positive trend prevails throughout this week, it could also test resistance present at 21K and
23K, respectively.
Building upon the positive sentiment, BTC tested the resistance at 21K which is placed at 0.618 FIB level on the Fibonacci retracement table. But it did not have a positive breakout above the resistance level and currently facing moderate profit booking momentum. It could be expected that there’s a support build-up present at 0.382 FIB level.
Considering the technical indicators, the RSI level is showcasing negative nature and is vulnerable to breaking below 50. The MACD level has also formed a bearish crossover and started to form red bars on the histogram.
Overall, BTC has formed strong support points at 19K and 18K, respectively. On the opposite, if the positive trend prevails throughout this week, it could also test resistance present at 21K and
23K, respectively. 
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