BTC/USD - Weekly Overview
The bears continued their wrath on BTC and the overall market conditions during the past week. Bitcoin fell below the crucial support levels of 37K and 34K in no time during the past week, reflecting extreme bearish sentiment.
The price level has again formed a falling channel pattern after facing strong resistance at the 0.5FIB level. A negative breakout below the 0.236FIB level suggests some caution for investors as the potential for further downside is opened.
The directional movement index reflects the solid selling sentiment faced by the world’s largest cryptocurrency. The ADX (average) and -DI (selling pressure) move hands together, residing at 30.78 and
29.32, respectively.
On the downside, the levels to watch out for will be 32K and 28K. In the opposite case, if the bulls come back, resistance can be placed at 38K and 40K, respectively.
The price level has again formed a falling channel pattern after facing strong resistance at the 0.5FIB level. A negative breakout below the 0.236FIB level suggests some caution for investors as the potential for further downside is opened.
The directional movement index reflects the solid selling sentiment faced by the world’s largest cryptocurrency. The ADX (average) and -DI (selling pressure) move hands together, residing at 30.78 and
29.32, respectively.
On the downside, the levels to watch out for will be 32K and 28K. In the opposite case, if the bulls come back, resistance can be placed at 38K and 40K, respectively.
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