Bitcoin’s price (BTC), has experienced a spectacular bounce since its $19,000 low. Some are calling for an unprecedented bull run. BTC’s price soon faced resistance and was rejected from the $25,200 mark as it formed a bearish rising wedge. BTC’s price broke from its rising wedge and has been unable to resist sell-offs ahead of the close of its daily (1D), weekly (1) and monthly (1M). (Data from Binance).
BTC Prices Analysis on The Monthly Chart
The chart shows that the BTC price saw bullish sentiments in July and August in the early weeks.
BTC saw a low price in the month of $18,000, which seems to have been a very high demand region. The BTC price bounced back and reached a close at $24,400 monthly. It saw a drop of 25,000 points and is now less bullish heading into August.
If BTC’s price closes below $19,500 on the monthly close, we could see the price going lower; BTC’s price needs to hold and bounce from this key area to save its price from going lower.
Monthly resistance for the price of BTC – $25,000.
Monthly support for the price of BTC – $19,000.
Prices of Bitcoin on the Weekly (1W), Chart
The price of BTC found a weekly low of $20,800 as price rallied to a high of $25,200; BTC’s price has struggled to trend higher as the price was rejected from that region, falling to $20,800 acting as a support area for BTC price.
BTC’s price could not hold above this support of $20,800 as it flips it into resistance as price eyes a key area of support acting as demand for prices.
To avoid BTC’s price falling, the market price must bounce from this region and move higher. If sellers are not able to resist the BTC price, then we may see BTC trade in the $19,000 range and maybe lower if there is no support.
Weekly (1W) resistance for BTC price – $20,800, $25,200.
Weekly (1W) support for BTC price – $19,000.
BTC Daily Price Analysis (1D) Chart
BTC’s daily chart displayed great strength and tried to stay above support areas, but it was overwhelmed by bears, as the price dropped from $25,200 down to $19,700, before rebounding quickly.
BTC’s price is currently trading at $20,000, holding the price from going lower; with more buy bids, we could see the price of BTC pushing a bit higher, where it would face resistance at $20,800.
BTC could be trading at a higher level than $20,800 if it breaks this resistance.
Relative Strength Index (RSI), for BTC daily charts is higher than 30, which indicates more BTC sales orders.
Daily (1D) resistance for BTC price – $20,800, $23,000.
Daily (1D) support for BTC price – $19,000.
Featured image from zipmex. Charts by TradingView.com