Following a retest of a breached ascending support line on the H1 timeframe on Saturday, extended from the low $20,370, sellers have been at the wheel. Penetrating nearby support at $23,227 and subsequently serving as resistance pushed the crypto to test the mettle of support from $22,767. As you can see, the aforementioned line withstood several downside attempts with price now poised to retest $23,227. Additional areas of interest on the H1 scale are Quasimodo resistance-turned support at $22,490 and Quasimodo resistance at $23,474.
In light of last week’s bout of selling (down 3.4% and snapping a 4-week winning streak), the support level at $21,924 is a reasonable downside objective on the daily chart and might be enough to prompt dip buying. The fact that the Relative Strength Index (RSI) exited overbought space after reacting from overbought resistance at 89.35 supports selling towards the daily support. An additional technical (bullish) observation on the daily chart bolstering $21,924, of course, is the imminent Golden Cross (the 50-day simple moving average crossing above the 200-day simple moving average ) which signals that bulls might seek control and a longer-term uptrend may be on the table.
The weekly timeframe, aside from the bearish candle established last week, remains unchanged. The following echoes thoughts taken from previous research (italics):
In the company of the weekly timeframe’s RSI voyaging north of its 50.00 centreline (followed by positive divergence), BTC/USD appears poised to target a falling wedge (between $25,214 and $17,567) pattern’s profit objective at $25,698, closely trailed by resistance at $28,844.
On account of the noted analysis, the daily timeframe informs investors that sellers could remain in command until joining hands with support at $21,924. This, therefore, places a favourable light on the H1 resistances from $23,227 and $23,474 for a possible move under H1 support at $22,767 towards at least H1 Quasimodo resistance-turned support at $22,490. However, do bear in mind that further downside could materialise beyond here in the direction of $22,000 as this psychological barrier shares a connection with daily support noted above at $21,924.
In light of last week’s bout of selling (down 3.4% and snapping a 4-week winning streak), the support level at $21,924 is a reasonable downside objective on the daily chart and might be enough to prompt dip buying. The fact that the Relative Strength Index (RSI) exited overbought space after reacting from overbought resistance at 89.35 supports selling towards the daily support. An additional technical (bullish) observation on the daily chart bolstering $21,924, of course, is the imminent Golden Cross (the 50-day simple moving average crossing above the 200-day simple moving average ) which signals that bulls might seek control and a longer-term uptrend may be on the table.
The weekly timeframe, aside from the bearish candle established last week, remains unchanged. The following echoes thoughts taken from previous research (italics):
In the company of the weekly timeframe’s RSI voyaging north of its 50.00 centreline (followed by positive divergence), BTC/USD appears poised to target a falling wedge (between $25,214 and $17,567) pattern’s profit objective at $25,698, closely trailed by resistance at $28,844.
On account of the noted analysis, the daily timeframe informs investors that sellers could remain in command until joining hands with support at $21,924. This, therefore, places a favourable light on the H1 resistances from $23,227 and $23,474 for a possible move under H1 support at $22,767 towards at least H1 Quasimodo resistance-turned support at $22,490. However, do bear in mind that further downside could materialise beyond here in the direction of $22,000 as this psychological barrier shares a connection with daily support noted above at $21,924.