The resistance zone on the Fibonacci retracement table can be placed above the 0.618 FIB level, while the support can be observed below 0.786 FIB level.
Considering the technical indicators, the RSI level, which was looking to sustain above 50 in the past month, is now struggling to avoid multiple negative dips toward the oversold region.
The Directional Movement Index (DMI), which reflects upon the prevailing sentiment for an asset, suggests a strong consolidation as ADX lies way above both -DI and +DI.
Overall, the resistance levels for BTC can be placed at
29K
, while the support levels can be placed at
25K
and $23K.
This article was originally published by Tradingview.com. Read the original article here.