BTC/USD - Weekly Overview
The technical chart of Bitcoin reflects on the consolidation faced since the past week. On the chart, the consolidation rage is formbed between the price levels from 15.5K to 17K
Considering the technical indicators, RSI level is facing strong resistance for a positive breakout above 50. Currently, the level is showcasing negative nature while residing at 39.92 at the time of writing. MACD level is also having a hard time to climb above the histogram. However, it should be noted that green bars with considerable density are being formed on the histogram which can result in a positive trend in the near term.
The whole outlook for the world’s largest cryptocurrency is still skeptical with the current market conditions. However, BTC taking a breather and forming a consolidation zone might be the need of the hour in order to avoid further downfall. It is also have strong supports at 15K and 13K. In case of much needed upside, Bitcoin will face resistance around 17K and 19K.
Considering the technical indicators, RSI level is facing strong resistance for a positive breakout above 50. Currently, the level is showcasing negative nature while residing at 39.92 at the time of writing. MACD level is also having a hard time to climb above the histogram. However, it should be noted that green bars with considerable density are being formed on the histogram which can result in a positive trend in the near term.
The whole outlook for the world’s largest cryptocurrency is still skeptical with the current market conditions. However, BTC taking a breather and forming a consolidation zone might be the need of the hour in order to avoid further downfall. It is also have strong supports at 15K and 13K. In case of much needed upside, Bitcoin will face resistance around 17K and 19K.
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