Resistance appears at US$75,000, and support has been established at US$60,000 for the time being. Note that the weekly chart has the appearance of a head and shoulder top formation with the bitcoin breakdown level at US$82,527.
Market focus globally has been on a very sharp decline — some say crash — of bitcoin. Technically, bitcoin’s 21-day RSI hit the oversold line on Feb 5, falling to as low of 21 before rebounding to 27 on Feb 6.
Directional movement indicators were also at extremes with -DI at 40, the highest level in two years, and an indication of an oversold position. Bitcoin's support or resistance levels are approximate levels because of the volatility of the cryptocurrency.
