Bitcoin BTC’s price has fallen to $24,700 against USDT (Tether) since being rejected by the region.
Recent bullish signs have been seen in Bitcoin, after it rallied to $24,000. Many investors speculate that this may be the beginning of a bull run. BTC lost $25,200 when it was first rejected. Since then it has not been able to recover this region.
Bitcoin (BTC), Price Analysis on The Weekly Chart
The chart shows that the BTC price fell to $19,000 per week. It rebounded and rose to $25,200. This makes six consecutive weeks of bullish sentiments.
BTC’s weekly candle closed with a bullish sentiment, but the new week’s candle tends to look bearish, indicating we could have a minor retracement to the next support area of $21,500.
As it is facing resistance at $24,000, the price has had difficulty gaining momentum.
If the price of BTC on the weekly chart continues with this structure, it could quickly revisit $21,500, acting as good support for the price of BTC.
Weekly resistance for the price of BTC – $24,000.
Weekly support for the price of BTC – $21,500.
Prices Analysis of Bitcoin on the Daily (1D), Chart
BTC’s price found support at $22,443, which is in line with an area of interest that appears on the daily charts.
BTC rallied after losing support to reach $25,200. There it faced resistance, and was ultimately rejected.
After being rejected at the $25,000.00 mark, BTC’s price has been fluctuating in an upward spiral. A retest at the $21,500 support level could be possible to break out of this downward spiral.
The price of Bitcoin at the time of writing is $23,800. This is just below the $50 Exponential Moving Average, which equals $23,400.
BTC should maintain a support level above 50 EMA. Any break of this region can send BTC prices to $21,500.
Relative Strength Index (RSI), for BTC price on daily chart is higher than 50. But there is a break at the downside on uptrend line which holds the RSI. It suggests that we may be due for a retracement.
Daily (1D) resistance for BTC price – $24,000.
Daily (1D) support for ETH price – $23,400, $21,500.
BTC Price Analysis on the Four-Hourly Chart (4H)
Bitcoin BTC prices are struggling to stay above the 50 and $200 EMA price levels that correspond respectively to $24,000 or $23,200.
The 50 EMA acts as a resistance on the BTC market in the fourth hour after prices broke out from the rising wedge.
If there was a market selloff, the 200 EMA could act as support. If BTC fails to hold this support region, we could retest the region of $21,500 as the next support area to hold BTC’s price.
Four-Hourly (4H) resistance for BTC price – $24,000.
Four-Hourly (4H) support for BTC price – $23,200, $21,500.
Featured image taken from AAX and Charts by TradingView.com
