BTC Price Hints Reversal On Weekly Charts; Sell Or Buy?

BTC price extends the weekly losses as the primary cryptocurrency failed to maintain the momentum that starts in the early week. The price tagged the $43,000 mark, the highest level in the last ten days. The market cap of BTC  also lost ground as it fell from $800 billion reported as the week begin to $750 billion.

• BTC price continues to grind lower below the psychological $40,000 mark.
• Expect a bounce-back at price with an ascent of 30% as the price holds near the crucial support on the weekly charts.
• However, the downside risk remains intact below $39,000.

As of press time, the largest cryptocurrency by the market cap is exchanging hands at $39,729.18, up 0.05% for the day.

BTC price looks to sign of reversal

BTC’s price faced strong rejection near the weekly highs of $43,000 and continued to slide down from thereon. The price breached the crucial $39,000 level on Monday but quickly recovered to the highs. However, the price remains pressured at around $40,000, the levels cemented as a vital support level though.

Now, investors are in a state of ‘wait-and-watch’ as to how the supply-demand situation will response to the support area. As we can see on the weekly chart, the BTC price trades in a ‘rising wedge pattern’ since late January.

A bounce-back is expected at the price from the current level with the bulls targeting the 51,000 mark. However, in this course of the journey, the bulls must close above the 50-day EMA (Exponential Moving Average) at $43,071.

On the other hand, a decisive break below the weekly lows of $38,550 will trigger a fresh round of selling in the biggest cryptocurrency. In that case, the sellers would keep their eyes on $35,000.

About Author

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.