The past week has regenerated positive sentiment for the world’s largest cryptocurrency as it broke and maintained sustainability above 17K. The bullish rally could be reflected in the expansion of Bollinger Band’s width.
Moreover, MA-10 was able to have a positive crossover against MA-50 which could be a potential signal for more bullish momentum to come in the near term. However, BTC still needs to have a bullish breakout above the 1.0 FIB level which will help to test the crucial psychological mark of 20K.
Considering the technical indicators, the RSI level is standing at the bullish level of 62.51. Further build-up might test the resistance levels of 18K and 20K, respectively. However, any climb above 70 might be an indication of profit-booking momentum. This can be support levels of 16K and 14K into action.