BTC/USD - Weekly Overview
Amid the collapse of crypto giant, FTX, the overall market conditions took a hit as the world’s largest cryptocurrency nosedived to a new two-year low of nearly 15.5K. The other cryptocurrencies also faced significant selling pressure as Ethereum is down by 20.15%, XRP by 25.65%, and polygon by 22.00% at the time of writing on a weekly basis.
Considering the technical chart of BTC, MA-10 suffered a negative breakout against MA-20 and MA-50 as soon as the news of FTX collapse was made public. Currently, the price level is facing significant resistance above 0.236 FIB level on the Fibonacci retracement table.
Looking at the technical indicators, the RSI level suffered a nosedive to the oversold region but quickly bounced back. The level is showcasing positive nature while residing at 41.95. The MACD level also suffered a breakdown below the histogram with significant red bars formulated on the histogram. It surely disrupted the sustainability made in the past couple of months.
Overall, BTC is currently trading at significantly lower levels. A significant upside might need relevant accumulation at the current levels. To avoid further downfalls, BTC is having support at 16K and 15K respectively. On the upside, resistance levels can be placed at 17K and 19K respectively.
Considering the technical chart of BTC, MA-10 suffered a negative breakout against MA-20 and MA-50 as soon as the news of FTX collapse was made public. Currently, the price level is facing significant resistance above 0.236 FIB level on the Fibonacci retracement table.
Looking at the technical indicators, the RSI level suffered a nosedive to the oversold region but quickly bounced back. The level is showcasing positive nature while residing at 41.95. The MACD level also suffered a breakdown below the histogram with significant red bars formulated on the histogram. It surely disrupted the sustainability made in the past couple of months.
Overall, BTC is currently trading at significantly lower levels. A significant upside might need relevant accumulation at the current levels. To avoid further downfalls, BTC is having support at 16K and 15K respectively. On the upside, resistance levels can be placed at 17K and 19K respectively.
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