The rangebound momentum is proving to be everlasting for BTC as it is still hovering between the price range of
29K
to $30K. However, it faced multiple breakdowns below the crucial support level of
29K
in the past week.
This indicates that the sellers planning to close their position on BTC above $ 30K may have started to sell below it.
The resistance zone is above 0.382 FIB level on the Fibonacci retracement table, while the support zone can be placed below 0.786 FIB level.
Considering the technical indicators, the RSI level (50.40) faced multiple negative divergences, which almost resulted in a breakdown of the oversold region. This reflects the prevailing selling sentiment for the world’s largest digital asset.
Overall, the resistance level for BTC can be placed at $30K and $32K, whereas the support levels can be placed at
29K
and
27K
, respectively.
29K
to $30K. However, it faced multiple breakdowns below the crucial support level of
29K
in the past week. This indicates that the sellers planning to close their position on BTC above $ 30K may have started to sell below it.
The resistance zone is above 0.382 FIB level on the Fibonacci retracement table, while the support zone can be placed below 0.786 FIB level.
Considering the technical indicators, the RSI level (50.40) faced multiple negative divergences, which almost resulted in a breakdown of the oversold region. This reflects the prevailing selling sentiment for the world’s largest digital asset.
Overall, the resistance level for BTC can be placed at $30K and $32K, whereas the support levels can be placed at
29K
and
27K
, respectively.