BTC/USD Vulnerable to the Downside
It was a subdued week for Bitcoin. Against the greenback, we ended Friday down around -0.8% and formed a weekly indecision candle. While these individual candlestick formations can reveal exhaustion, particularly after a moderate down move from weekly resistance at $30,644, the weekly chart indicates room to move lower until trendline support, taken from the low of $16,326.
Across the daily chart, the major cryptocurrency dipped under support at $29,383 and the 50-day simple moving average at $29,790 last week, unearthing a potential move as far south as support from $27,221. This is also supported by the Relative Strength Index (RSI) venturing beneath its 50.00 centreline (negative momentum).
From a short-term perspective, we have recently seen the price rebound from the $29,000 psychological level. Clearance of this level opens the door to support from $28,475, while any further upside on the H1 scale this week could see price target resistance at $29,532, with a break here exposing the widely watched $30,000 level.
In light of the weekly timeframe exhibiting scope to elbow lower until trendline support and room to manoeuvre below daily resistance from $29,383 towards support at $27,221, a H1 close under $29,000 may attract bearish players into the market to target at least H1 support from $28,475. Alternatively, a bullish push this week could see the unit retest the aforementioned daily resistance, which closely shares chart space with H1 resistance at $29,532. Therefore, sellers may also welcome this area if the unit pushes this week.
Across the daily chart, the major cryptocurrency dipped under support at $29,383 and the 50-day simple moving average at $29,790 last week, unearthing a potential move as far south as support from $27,221. This is also supported by the Relative Strength Index (RSI) venturing beneath its 50.00 centreline (negative momentum).
From a short-term perspective, we have recently seen the price rebound from the $29,000 psychological level. Clearance of this level opens the door to support from $28,475, while any further upside on the H1 scale this week could see price target resistance at $29,532, with a break here exposing the widely watched $30,000 level.
In light of the weekly timeframe exhibiting scope to elbow lower until trendline support and room to manoeuvre below daily resistance from $29,383 towards support at $27,221, a H1 close under $29,000 may attract bearish players into the market to target at least H1 support from $28,475. Alternatively, a bullish push this week could see the unit retest the aforementioned daily resistance, which closely shares chart space with H1 resistance at $29,532. Therefore, sellers may also welcome this area if the unit pushes this week.
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