Bitcoin (BTC), a cryptocurrency, displayed indecisiveness for many weeks. It fluctuated in an erratic range of $19,500 to $20,000 over the course of weeks with the price not moving on its next movement. Despite so many expectations of the price having a short squeeze to a range of $21,600 before Bitcoin (BTC) next moves down, this wasn’t the case as the price broke below key support of $19,000. Data from Binance
Bitcoin (BTC), Weekly Chart Price Analysis
BTC’s bullish movement that created excitement in the last few months has been difficult to replicate, and its price is falling with each passing week. BTC’s price after touching its previous all-time high of $19,000, many expected a bounce off the price to new highs to form support, but the price has continued to retest this support zone of $19,000, making it weaker to hold off sell orders.
To regain the $19,000.00 region, the BTC must bounce off the current $18,800 price. A relief rally could not occur if it falls below $19,000.00. This would be bad news for the bulls as well as the cryptocurrency market.
We could see BTC’s price retesting its monthly lows if the BTC price continues to be bearish.
Weekly resistance for the price of BTC – $20,600.
Weekly support for the price of BTC – $18,500 -$17,500
BTC Price Analysis On A Daily (1D), Chart
The price of Bitcoin bounced after retesting its daily low but couldn’t trend higher because it was quickly followed by bearish signals that indicated exhaustion. BTC’s key support at $19,000 was also broken. If BTC does not regain its $19,000 daily support, it could lead to BTC dropping to lower areas.
BTC price continues to display more bearish momentum, which means that there have been more sales orders. BTC prices have continued to fall in a tight wedge. This is indicating that price must break out to reach $19,000.500 as a temporary resistance.
BTC’s price is $18,900 lower than its daily 50- and 200-exponential moving averages (EMA), on the day. BTC’s resistance price of $21,600 is represented by the prices at $29,000 and $22,000 respectively.
Daily (1D) resistance for the BTC price – $20,500-$21,600.
Daily (1D) support for the BTC price – $18,500-$17,500.
BTC Prices Analysis on The Four-Hourly (4H), Chart
BTC’s price in 4H continues to be bearish, but there is a glimpse for hope. The price formed a bullish divergence and could retest $19,000. If the price trades lower than the 200 and 50 EMA, it will act as resistance.
BTC’s price needs to gain momentum. It aims to retest $19 700, which is the same as 50 EMA.
This price corresponds to the Fibonacci value of 61.8%.
In the 4H chart, you can see that the Relative Strength Index of Bitcoin (RSI) is at or below 35. This means there has been more trade volume to support the BTC price.
Four-Hourly (1H) resistance for the BTC price – $19,700-$21,600.
Four-Hourly (1H) support for the BTC price – $18,500-$17,500.
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