BTC/USDT ~ Weekly Overview
The start of this month went quite bullish for the world’s largest cryptocurrency as it formed multiple bullish engulfing candles to test the resistance present around 28.5K.
However, selling pressure kicked in soon after the bullish momentum, forcing the price level to drop below 0.618 FIB on the Fibonacci retracement table.
BTC might be looking to form a support region between 0.786 to 0.618 FIB level. On the positive side, the price level must break above 0.236 FIB level to regain its bullish momentum.
Considering the technical indicators, the RSI level showcases a bearish nature. It is prone to a breakdown to the oversold region. The MACD levels have also faced a bearish crossover while the formation of red bars has started.
Overall, the resistance levels for BTC can be placed at 28K and 30K, respectively. On the other hand, the support levels can be placed at
27K and 25K.
However, selling pressure kicked in soon after the bullish momentum, forcing the price level to drop below 0.618 FIB on the Fibonacci retracement table.
BTC might be looking to form a support region between 0.786 to 0.618 FIB level. On the positive side, the price level must break above 0.236 FIB level to regain its bullish momentum.
Considering the technical indicators, the RSI level showcases a bearish nature. It is prone to a breakdown to the oversold region. The MACD levels have also faced a bearish crossover while the formation of red bars has started.
Overall, the resistance levels for BTC can be placed at 28K and 30K, respectively. On the other hand, the support levels can be placed at
27K and 25K. 
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