Bitcoin is currently trading at below $19,000 after bulls failed in their defense.
BTC lost 1.2% in the past 24 hours. This indicates that BTC was trading laterally. Over the past week, Bitcoin prices have declined 6%.
On the 1-day chart, buying strength was low. It has been almost one week since sellers took over.
Bitcoin could drop to its support zone immediately if the current price trend continues.
BTC must be defended at current prices by the bulls. Buyers will need to step in. Current support for BTC is between $18,500 and $18,000.
Bitcoin could fall to $16,000 below that level. Bitcoin can fall to $16,000 before falling to $14,000. BTC’s 24-hour chart will show a further dip due to the dip in buyer strength.
A Day of Bitcoin Price Analysis
At the time this article was written, BTC traded at $18,600. The coin’s immediate resistance was $19,000 and for many weeks, the bulls had failed to defend it at this price.
Bitcoin could be taken over by the bulls if it reaches $20,000 For Bitcoin, $18,000 was the nearest support level.
BTC can drop below $16,000 to reach $14,000. A decrease in Bitcoin trading volume in the past session reflected in a decline in buyer strength.
Technical Analysis
BTC demonstrated that demand was lower than the day before on its one-day chart. According to technical indicators, sellers were outnumbered by buyers.
Relative Strength Index fell below half-line which indicates increased selling power.
Bitcoin prices were below the 20 SMA line. This means that sellers are driving price momentum as the one-day charts show less demand.
BTC represented increased selling pressure which has been pulling the coin towards its nearest support line. According to technical analysis, the coin is likely to see more selling pressure.
Moving Average Convergence Divergence reflects the price momentum of the coin and overall price action.
MACD was subject to a bearish crossover. It formed red histograms that were sold signals. Directional Movement Index (DMI) was negative because the -DI line was higher than the +DI. This indicated that bears had taken control of the coin.
The Average Directional Index (Red) was moving above the 20-mark, and that’s a sign of bearish momentum for Bitcoin.