Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels

The Bitcoin price was stable yesterday. The asset moved up over the past 24 hours. It gained 2.2%.

The $18,200 support level is no longer being maintained by crypto, but it has helped to move the price away from that level.

Technical outlook was also positive for the bears to not take over the market. Despite the slight rise in Bitcoin’s price, the buyers remain weak in the market.

Bitcoin is currently consolidating at $18,000 to $24,000.

Bitcoin’s uptrend could continue, and Bitcoin may reach above $19600. That would be a relief rally, as the bulls will return to the market.

A descending wedge pattern was also seen on the asset, which indicates bearish price action. Global cryptocurrency market capitalization today stands at $968billion. Positive: 1.1% change in the last 24 hours.

One-day Chart: Bitcoin Price Analysis

Bitcoin Price
Source:| Source: BTCUSD on TradingView

BTC traded at $1,949 as of the writing. A descending wedge pattern was formed by the coin, which indicated bearish strength. If the buyers don’t return to the market, then a fall to the $18,000 mark will be inevitable.

The coin’s overhead resistance was $21,000. The coin could rally if the bulls break above that level in the next trading session.

At the time this article was written, selling strength still dominates. Bitcoin could see a fall in price below $18,000, which would bring its price up to $17.400.

If BTC drops below the previously mentioned levels, then the $16,000-14,000 price level is also within reach for this asset. BTC trading volume increased slightly in the most recent session. This is indicative of a slight uptake in buyer pressure.

Technical Analysis

Bitcoin Price
Source: BTCUSD on TradingView| Source: BTCUSD on TradingView

The coin’s price had increased over the last 24 hours, and that slightly reflected the increase in the buying strength.

Relative Strength Index showed a rise, and reached the half-line. This meant the coin saw an equal number of buyers as sellers.

Demand was able to drive the asset higher than the 20SMA, as BTC was not seen above the 20SMA. At the moment, the indicator showed that buyers were driving market price momentum.

Bitcoin Price
Source: BTCUSD on TradingView| Source: BTCUSD on TradingView

BTC’s upward movement was reflected on other indicators as well. According to technical indicators, buyers may return due buy signals. Bitcoin could move further north if this is the case.

The Awesome Oscillator monitors overall price momentum, and shows green bars that are linked to Bitcoin buy signals.

Bollinger Bands indicate price volatility and potential for price fluctuations. This was an indication of a strong price movement in the next trading session.

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