BTC/USD: technical analysis
Current trend
Last week, the BTC/USD pair consolidated around the level of 50000.00 but could not break away from it. The key “bullish” zone is the resistance zone of 50,000.00–51300.00 (Murrey [0/8], Fibonacci retracement 61.8%). In case of its breakdown, growth to the levels of 54370.00 (Fibonacci correction 50.0%) and 57500.00 (Fibonacci correction 38.2%) is possible. Otherwise, quotes may continue to decline along the lower border of the downwards channel to the levels of 43750.00 (61.8% Fibonacci correction) and 41000.00 (61.8% Fibonacci correction).
In general, the downtrend in the pair continues, which makes the option of a decline more likely: Bollinger Bands are directed downwards, the MACD histogram is stable in the negative zone, and Stochastic reverses upwards, which does not exclude corrective price growth but its potential is seen to be limited.
Support and resistance
Resistance levels: 50000.00, 51300.00, 54370.00, 57500.00.
Support levels: 47200.00, 43750.00, 41000.00.
Last week, the BTC/USD pair consolidated around the level of 50000.00 but could not break away from it. The key “bullish” zone is the resistance zone of 50,000.00–51300.00 (Murrey [0/8], Fibonacci retracement 61.8%). In case of its breakdown, growth to the levels of 54370.00 (Fibonacci correction 50.0%) and 57500.00 (Fibonacci correction 38.2%) is possible. Otherwise, quotes may continue to decline along the lower border of the downwards channel to the levels of 43750.00 (61.8% Fibonacci correction) and 41000.00 (61.8% Fibonacci correction).
In general, the downtrend in the pair continues, which makes the option of a decline more likely: Bollinger Bands are directed downwards, the MACD histogram is stable in the negative zone, and Stochastic reverses upwards, which does not exclude corrective price growth but its potential is seen to be limited.
Support and resistance
Resistance levels: 50000.00, 51300.00, 54370.00, 57500.00.
Support levels: 47200.00, 43750.00, 41000.00.
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