Bitcoin price level hovered within the consolidation range depicted in the chart. The world’s largest cryptocurrency maintained sustainability above the strong support level of $19K. Thereafter, the price level is currently attempting for a positive breakout above the consolidation range.
It must be noted that BTC faced a couple of negative breakouts after forming a consolidation range for a considerable time during the past months. Bulls might have an excellent opportunity to develop sustainability at a higher range and be a sentiment changer if the daily candle closes above the consolidation range.
Supporting the hypothesis is the positive crossover of MA-10 against MA-25 and MA-50. However, on previous occasions, we have seen significant selling pressure as soon as MA-10 goes above other moving averages, reflecting the present resistance.
RSI level is targeting the overbought region while residing at 63.34 at the time of recording.
Overall, BTC will face resistance at $23K and $24K. Incase of a turn of events, support levels can be placed at $19K and $18K.
It must be noted that BTC faced a couple of negative breakouts after forming a consolidation range for a considerable time during the past months. Bulls might have an excellent opportunity to develop sustainability at a higher range and be a sentiment changer if the daily candle closes above the consolidation range.
Supporting the hypothesis is the positive crossover of MA-10 against MA-25 and MA-50. However, on previous occasions, we have seen significant selling pressure as soon as MA-10 goes above other moving averages, reflecting the present resistance.
RSI level is targeting the overbought region while residing at 63.34 at the time of recording.
Overall, BTC will face resistance at $23K and $24K. Incase of a turn of events, support levels can be placed at $19K and $18K.