After a brief consolidation in the last two weeks, BTC opened this week with negative sentiments. BTC formed a Doji candlestick on the weekly TF which depicts that market participants are currently in a state of indecision. At the time of writing, BTC is already down by more than 7% on the weekly basis.
On the downside, BTC is trying to sustain above its 50-WEMA which is placed at $33.4K, however, if we get a decisive closing below this level, the next significant support is present at $30K as 0.618 Fibonacci retracement level is present here, followed by the next major support at $27.7K
On the higher side, BTC is not able to close above its 0.50 Fib retracement level, present at $37K on the weekly basis, however, if we get a breakout from this level, the next resistance is placed at $40K followed by $43K.
On the Daily TF, BTC has already given a breakdown from its bearish pennant formation and broke its ascending trendline support, along with a death crossover, which depicts selling pressure is most likely to continue in the coming sessions. Daily RSI has also broken its ascending trendline which also signals bearish sentiments.
On the downside, BTC is trying to sustain above its 50-WEMA which is placed at $33.4K, however, if we get a decisive closing below this level, the next significant support is present at $30K as 0.618 Fibonacci retracement level is present here, followed by the next major support at $27.7K
On the higher side, BTC is not able to close above its 0.50 Fib retracement level, present at $37K on the weekly basis, however, if we get a breakout from this level, the next resistance is placed at $40K followed by $43K.
On the Daily TF, BTC has already given a breakdown from its bearish pennant formation and broke its ascending trendline support, along with a death crossover, which depicts selling pressure is most likely to continue in the coming sessions. Daily RSI has also broken its ascending trendline which also signals bearish sentiments.