After the last weekly gains, BTC again witnessed a bearish movement and closed the week with a 6.90% decline. It continues to consolidate in the range of $45,000 to $51,000 for the 4th straight week, which suggests that the tussle between bears and bulls is still going on and there is no definite trend. At the time of writing, BTC is trading slightly above $47,000.
On the Daily TF, BTC is sustaining below its 200-DEMA but managing to hold its support presented by 0.786 Fibonacci level which is present at $46,200.The trading range has been diminishing for the past 5 days and a breakout to both sides can be expected in the coming weeks.
On the higher side, the immediate resistance is placed at $48,500, if BTC manages to close above this level, the next potential hurdle is present at $50,000 followed by $52,000. On the other hand, the nearest support is present at $45,600 but if it breakdowns below this level, the next major support level is placed at $44,500 followed by 43,500.
As per the Momentum indicators, the weekly MACD has turned bearish and further downside corrections can be expected, whereas, Weekly RSI is trading flat in the range 43-46. According to the current technical charts, we advise traders to wait for the market to depict a definite trend before taking any new positions
On the Daily TF, BTC is sustaining below its 200-DEMA but managing to hold its support presented by 0.786 Fibonacci level which is present at $46,200.The trading range has been diminishing for the past 5 days and a breakout to both sides can be expected in the coming weeks.
On the higher side, the immediate resistance is placed at $48,500, if BTC manages to close above this level, the next potential hurdle is present at $50,000 followed by $52,000. On the other hand, the nearest support is present at $45,600 but if it breakdowns below this level, the next major support level is placed at $44,500 followed by 43,500.
As per the Momentum indicators, the weekly MACD has turned bearish and further downside corrections can be expected, whereas, Weekly RSI is trading flat in the range 43-46. According to the current technical charts, we advise traders to wait for the market to depict a definite trend before taking any new positions