Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?

  • BTC prices trade below the key resistance, as daily EMA rejections force them to decline.
  • BTC’s monthly candle closes with so many mixed feelings ahead of October. 
  • BTC’s price must rise above $21,500 in order to revive bullish sentiments.

Bitcoin (BTC), which is moving in an uncertain and indecisive fashion, continues its price action. The October month is still being speculated by traders about the future of Bitcoin (BTC). Due to unstructured Bitcoin price movements, the price action and movement of Bitcoin (BTC), continue in their choppy state. This leaves most traders confused. (Data from Binance).

Bitcoin (BTC), Weekly Chart Price Analysis

Source :| Source: BTCUSDT On

The price is struggling to make a break through despite showing fake movements of bounces ahead of the monthly close.

BTC’s price retraced back to $18,700, but quickly bounced off this area as it rallied to $19,000. However, resistance was encountered to break above. BTC’s price needs to break and hold above $20,500 before it can resume bullish sentiment as the price trades at a key level.

BTC’s price needs to trade away from this region of $19,000 as a break below $18,100 could mean the price going to a low of $17,500 and even a low of $16,000.

BTC prices must be above $19500 to have a small amount of liquidity. Any close below that range will indicate greater risk and could lead to higher volatility.  

Weekly resistance for the price of BTC – $19,500.

Weekly support for the price of BTC – $18,100.

BTC Price Analysis On A Daily (1D), Chart

Source :| Source: BTCUSDT On

The daily price of Bitcoin remains below the key resistance. It attempts to surpass higher levels but is being rejected multiple times.

BTC prices have shown some strength. They rose from an low of $18,700. However, the price tried to reach the $20,500 per day price range. But, it was rejected as they trade between $18,800 and $19,000.

BTC prices trade at $19 100 below the 50-200 Exponential moving average (EMA). Prices of $27,000 and $20,400 correspond to daily prices for BTC at the 50 and 200 EMA.

BTC’s October price could be affected by a close below $20,500. This could signal a bullish mood among investors and traders, who expect a green month, and a potential rally to around $24,000.

Daily resistance for the BTC price – $20,500.

Daily support for the BTC price – $18,100.

Featured Image from zipmex. Charts by Tradingview 

Get more Crypto News at CFX Magazine