Wrapped Bitcoin (WBTC) is an encrypted version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain. WBTC complies with ERC20 - the fundamental compatibility standard of the Ethereum blockchain - allowing it to be fully integrated into the ecosystem of decentralized exchanges, crypto lending services, prediction markets, and ERC20 compatible decentralized finance (DeFi) applications. Let us <a href="https://www.cryptoknowmics.com/news/wbtc-technical-analysis-wait-and-watch-if-price-pullback-temporary-or-a-bullish-trend-reversal/">look at the technical analysis</a> of WBTC.
<h2><b>Past Performance</b></h2>
On the 29th of July, the trade opened at $39,981.85, and on the 5th of August, the trade closed at $42,881.55. During this week, an approximate increase of 7.25% in the trading price is witnessed. In the last 24 hours, WBTC traded between $40,135.51-$43,666.01.

<img src="https://s3.tradingview.com/snapshots/y/Yma50cUu.png" alt="TradingView Chart Snapshot" />

<a href="https://www.tradingview.com/x/Yma50cUu/">https://www.tradingview.com/x/Yma50cUu/</a>
<h2><b>WBTC Technical Analysis</b></h2>
Currently, the RSI is at 66.09%. The RSI has taken support from the 54% mark and rallied back to this level. Thus, forming a bullish divergence. However, if the buying pressure is overtaken by the selling pressure, then the RSI will start to fall and vice versa. The traders shall brace themselves for WBTC price fluctuations.

On the daily chart, <strong>MACD and EMA lines</strong> are above the zero range. Suggesting a positive market. Whenever, MACD is above the EMA, in this horizon, the buying pressure is higher than the selling pressure. Thus, the overall market momentum seems bullish, and we can expect the price to rise.
<h2><b>Day-Ahead and Tomorrow</b></h2>
WBTC is currently trading below the pivot level of $43,799.64. As the indicators are showing high buying pressure, thus, we can expect the price to rise and soon break out of the<strong> Fibonacci resistance level</strong> of $47,942.22.

However, if WBTC breaks down from this level of $43,360.22, it can retest the immediate support level which is, at $41,643.11.

In the last 24 hours, the price has had an upsurge of 8.24%. The indicators suggest a neutral trend for today. The traders shall wait and brace themselves for fluctuations.

Depending on the buying pressure, the trend for tomorrow is unpredictable. If the buying pressure overtakes, we can expect a bullish trend, but if vice versa happens, we can expect a bearish trend.

WBTC Technical Analysis: Expect the Price to Breakout of the Fibonacci Resistance Level of $47,942.22

Depending on the buying pressure in WBTC the trend for tomorrow is unpredictable. If the buying pressure overtakes we can expect a bullish trend but if vice versa happens we can expect a bearish trend.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

WBTC Technical Analysis: Expect the Price to Breakout of the Fibonacci Resistance Level of $47,942.22

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