BTC/USDT ~ Weekly Overview
The world’s largest cryptocurrency is once again trapped in the consolidation phase after having a sudden spike to the price level of $28,000 during the past month. The current consolidation range lies between the price level of $25,000 to $26,000.
The resistance zone on the Fibonacci retracement table can be placed above the 0.618 FIB level, while the support can be observed below 0.786 FIB level.
Considering the technical indicators, the RSI level, which was looking to sustain above 50 in the past month, is now struggling to avoid multiple negative dips toward the oversold region.
The Directional Movement Index (DMI), which reflects upon the prevailing sentiment for an asset, suggests a strong consolidation as ADX lies way above both -DI and +DI.
Overall, the resistance levels for BTC can be placed at
27K and 
29K, while the support levels can be placed at 
25K and 23K.
The resistance zone on the Fibonacci retracement table can be placed above the 0.618 FIB level, while the support can be observed below 0.786 FIB level.
Considering the technical indicators, the RSI level, which was looking to sustain above 50 in the past month, is now struggling to avoid multiple negative dips toward the oversold region.
The Directional Movement Index (DMI), which reflects upon the prevailing sentiment for an asset, suggests a strong consolidation as ADX lies way above both -DI and +DI.
Overall, the resistance levels for BTC can be placed at
27K and 29K, while the support levels can be placed at 25K and 23K. 
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