Since last week, the Bitcoin price has been in a narrow range. Over the last few days, Bitcoin had tried to trade north. It has yet to trade at $20,000
Bitcoin’s price movement has mostly remained between $18,000 to $20,000 each.
BTC lost 0.4% over the past 24 hours. This confirms that there have been no significant price movements.
BTC has fallen 1.1% in the last week. Market strength overall has been weak, and market movers remain dull on respective price charts.
Bitcoin’s technical outlook continued to favor the bears. A slowdown in Bitcoin demand has resulted in a decrease of buying power.
Its one-day chart shows that Bitcoin should retrace its steps and trade near the $18,900 mark in the next trading sessions.
The support level is a critical price level that will affect the future movement of Bitcoin, depending on how much it’s being demanded.
One-day Chart: Bitcoin Price Analysis
BTC traded at $19,000. Bitcoin has traded in a range between $19,000.400 and $19,000.
The bears will be strengthened if they continue to move in the same pattern. BTC was trading at $19600 above the overhead resistance. BTC is likely to struggle past that level.
Only the $20,000 mark will be enough to make bulls takeover. However, $18,900 would provide the closest support. This is an important support line for Bitcoin.
BTC will move up to $18,300 if it falls from that level, and then up to $17,000. It is possible that Bitcoin’s volume traded during the previous session was green. This may indicate an increase in buyers.
Technical Analysis
The demand has increased slightly in the last 24hrs. For most of this month, Bitcoin’s demand has remained low, and sellers have taken over the market.
Relative Strength Index was lower than the half-line. That meant there were less buyers on the one day chart as sellers.
Bitcoin prices were below the 20 SMA, which was due to fewer buyers and sellers driving market price momentum.
BTC continued to show buy signals on its chart. But, these were rapidly declining and would soon disappear.
Moving Average Convergence Divergence is a measure of asset direction and price momentum. MACD displayed the green signal bars as a buy signal, but they were still showing red.
Parabolic SAR is also indicative of asset’s price direction. Parabolic SAAR was higher than the candlesticks. This indicated that the asset’s price was bearish.
It indicated that Bitcoin prices were in a downtrend. This could change if the market returns to its previous trend.