The technical chart of Bitcoin reflects on the consolidation faced since the past week. On the chart, the consolidation rage is formbed between the price levels from $15.5K to $17K
Considering the technical indicators, RSI level is facing strong resistance for a positive breakout above 50. Currently, the level is showcasing negative nature while residing at 39.92 at the time of writing. MACD level is also having a hard time to climb above the histogram. However, it should be noted that green bars with considerable density are being formed on the histogram which can result in a positive trend in the near term.
The whole outlook for the world’s largest cryptocurrency is still skeptical with the current market conditions. However, BTC taking a breather and forming a consolidation zone might be the need of the hour in order to avoid further downfall. It is also have strong supports at $15K and $13K. In case of much needed upside, Bitcoin will face resistance around $17K and $19K.
Considering the technical indicators, RSI level is facing strong resistance for a positive breakout above 50. Currently, the level is showcasing negative nature while residing at 39.92 at the time of writing. MACD level is also having a hard time to climb above the histogram. However, it should be noted that green bars with considerable density are being formed on the histogram which can result in a positive trend in the near term.
The whole outlook for the world’s largest cryptocurrency is still skeptical with the current market conditions. However, BTC taking a breather and forming a consolidation zone might be the need of the hour in order to avoid further downfall. It is also have strong supports at $15K and $13K. In case of much needed upside, Bitcoin will face resistance around $17K and $19K.