BTC/USD - Weekly Overview

Bitcoin continued its positive momentum in the past week as the YTD gain reached approximately 40%.
On the Fibonacci retracement table, BTC price level had entered the resistance zone which is above 0.786 FIB level.
Considering the technical indicators, Bollinger bands has contracted its width which suggests a potential consolidation or profit-booking momentum. The MACD level has also started to form red bars on the histogram while the levels look vulnerable for a negative crossover.
Overall, if the bulls are able to sustain the ongoing positive momentum, BTC will test the resistance present at 25K and 27K. However, if we witness a considerable profit booking momentum, support levels can be placed at 22K and 20K.
Bitcoin (Cryptocurrency)blockchainBTCBTCUSDTChart PatternsCryptocurrencyTechnical IndicatorsTrend Analysis

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