BTC/USD: Weekly/Daily Support Combination Eyed
It has been a disappointing week for the major crypto pair BTC/USD despite the US securities regulators' bitcoin ETF approval a week ago.
Weekly Support Ahead; Sellers to Control in the Short-Term?
The majority of technical hands acknowledged the prior week’s shooting star candlestick formation (bearish signal) on the weekly timeframe that formed off resistance coming in at $45,968, which happens to share chart space with a 1.272% Fibonacci projection ratio (also known as an ‘alternative’ AB=CD bearish pattern). This led to follow-through selling unfolding last week and has opened the floor for further underperformance until weekly support at $38,809. Ultimately, irrespective of the current correction, the unit has exhibited a clear uptrend since November 2022. Consequently, a rebound from the noted support is not out of the question should the level welcome a test. Should buyers fail to defend this support, a support area calls for attention between $31,341 and $34,776 (houses a 50.0% retracement ratio at $32,371 and a 61.8% Fibonacci retracement ratio at $34,036). Also of technical relevance on the weekly scale is the Relative Strength Index (RSI), recently departing from overbought terrain (a bearish cue) and is now poised to touch gloves with trendline support taken from the low of 23.71.
Daily Support Hanging by a Thread
Adding weight to the possibility of further selling this week is price action on the daily timeframe, challenging the mettle of support at $41,007 and the 50-day simple moving average (SMA) at $41,108. A breach of the aforementioned levels will shine the technical headlights on another layer of daily support from $37,942. You will note that the aforesaid support level is tucked just under the weekly timeframe’s downside support target mentioned above at $38,809.
This Week?
While this market is still technically trending higher, and the recent correction could be just, well, a correction, short-term analysis tips the weight in favour of sellers this week, at least until the price reaches weekly support at $38,809. However, before countertrend sellers commit, they’d likely seek a daily close under support at $41,007.
Should further downside come to fruition this week, the combination of $38,809 and daily support nestled close by at $37,942 will be a test for bears and a possible floor for dip-buyers, in line with the overall uptrend.
Weekly Support Ahead; Sellers to Control in the Short-Term?
The majority of technical hands acknowledged the prior week’s shooting star candlestick formation (bearish signal) on the weekly timeframe that formed off resistance coming in at $45,968, which happens to share chart space with a 1.272% Fibonacci projection ratio (also known as an ‘alternative’ AB=CD bearish pattern). This led to follow-through selling unfolding last week and has opened the floor for further underperformance until weekly support at $38,809. Ultimately, irrespective of the current correction, the unit has exhibited a clear uptrend since November 2022. Consequently, a rebound from the noted support is not out of the question should the level welcome a test. Should buyers fail to defend this support, a support area calls for attention between $31,341 and $34,776 (houses a 50.0% retracement ratio at $32,371 and a 61.8% Fibonacci retracement ratio at $34,036). Also of technical relevance on the weekly scale is the Relative Strength Index (RSI), recently departing from overbought terrain (a bearish cue) and is now poised to touch gloves with trendline support taken from the low of 23.71.
Daily Support Hanging by a Thread
Adding weight to the possibility of further selling this week is price action on the daily timeframe, challenging the mettle of support at $41,007 and the 50-day simple moving average (SMA) at $41,108. A breach of the aforementioned levels will shine the technical headlights on another layer of daily support from $37,942. You will note that the aforesaid support level is tucked just under the weekly timeframe’s downside support target mentioned above at $38,809.
This Week?
While this market is still technically trending higher, and the recent correction could be just, well, a correction, short-term analysis tips the weight in favour of sellers this week, at least until the price reaches weekly support at $38,809. However, before countertrend sellers commit, they’d likely seek a daily close under support at $41,007.
Should further downside come to fruition this week, the combination of $38,809 and daily support nestled close by at $37,942 will be a test for bears and a possible floor for dip-buyers, in line with the overall uptrend.
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