Bitcoin and major altcoins have experienced a steady fall, even hitting multi-year lows. BTC hit $17,000 in this month’s Bitcoin Cash, but the reigning king has reclaimed $20,000. The coin has lost 22 percent of its value over the past week. However, it saw a 7% increase on its daily charts.
Although the technical outlook has improved for BTC, it shows some signs of weakness. BTC is also seeing buyers returning to the markets. But, it’s possible that BTC will find support at $17,000 again if its buying power drops. Although it is difficult to determine if BTC has reached its bottom,
Altcoins too soared on the chart, as Bitcoin displayed signs of relief. Ethereum, which jumped by 9.9% in the past 24 hours, was also affected. With an increase in value of $950 Billion, the global cryptocurrency market capital today stood at $950Billion. 6.1%Changes in the past 24 hours
The One-Day Chart: Bitcoin Price Analysis
Yesterday’s dip to $18,000 marked the 18-month lowest BTC price. Seller pressure has pushed BTC’s price further down. The market is still controlled by sellers, despite a rebound to $20,000 support.
BTC traded at $17,000 to $16,000 above the $22,000 overhead resistance. BTC’s trading volume also fell on the chart. This was an indicator that Bitcoin was still under control.
Technical Analysis
Bitcoin also showed positive signals in the shorter-term. Relative Strength Index soared to 50, which indicated a resurfacing market for buyers. The RSI saw a slight decline over the past 24 hours, which was another sign of a small drop in buyer strength.
The price rose above the 20-SMA level as buyers increased their numbers. This was because buyers drove the market’s price momentum. BTC would drop below its 20-SMA level if there was increased selling pressure. Sellers have the ability to control the price momentum.
According to bullishness, BTC formed a yellow channel pattern that is descending. The bullish reversal pattern in this pattern points toward a higher chance that BTC will continue to rise on its chart. To maintain the price above $20,000, buying strength must increase.
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At the time of writing, the chart showed that the coin was positive. Positive price action was also evident due to the Awesome Oscillator. AO can determine the price trend or reversals. This indicator also showed green histograms, which can be tied to a Buy Signal.
Directional Movement Index measures the direction of price movement for the coin. +DI stood above the line indicating bullishness. ADX (red), was in the decline and moving towards the 40 mark. A fall below 40 marks means that the trend has lost its strength and BTC may fall again on the charts.
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