- BTC’s price shows strength as it bounces from a downtrend range price rallied to a high of $20,800 with eyes set on $21,600.
- BTC may rally as more bullish sentiment is created by the price above $20,000.
- BTC’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
Bitcoin’s (BTC), which has shown a tremendous price movement over the last few days, is creating an even more bullish market. As many altcoins keep delivering over 30% gains, the crypto market looks more welcoming. DOGE, a crypto-currency that is often referred to by the DOGE dad, has enjoyed some amazing rallies. It rose from $0.055 (the lowest price) to $0.1 in recent days. DOGE’s performance has been positive. (Data from Binance).
Bitcoin (BTC), Weekly Chart Price Analysis
Bitcoin (BTC, or Bitcoin) has had a difficult time regaining its bullish momentum. Despite the uncertainty in the crypto space, BTC’s price has experienced some relief since it rallied to a high at $20,800 after it showed so much strength following the weekly low.
BTC prices have had a difficult and monotonous week. Price fluctuated around $19,000 for weeks, which led to altcoins losing support zones despite low liquidity.
BTC’s price rose above $19,500 in the week to reach a peak of $20,000. However, there was a slight rejection that the price would break to the $20,000. The price eventually broke above $20,000.
BTC’s bullish price structure has remained above $20,500. BTC could see a rally towards $21,600, which could be vital in the currency’s price rise to $22,000. As support areas, the price could drop as low as $20,500 if the BTC’s price falls below $21,600.
Weekly resistance for the price of BTC – $21,600.
Weekly Support for the price of BTC – $20,500.
BTC Price Analysis On A Daily (1D), Chart
BTC’s price continues to rise as it broke through its downward triangle. Volume rose to $20,800. ;
BTC is currently trading at $20.750. Its key Support, formed at 20.300 following its breakout from the descending triangle, has been just overturned. BTC currently trades higher than the 50 EMA. $19800 is the 50 EMA. Support will be provided for any future price drops.
BTC’s price is not breaking and closing above $21,200. This corresponds with the 32.8% Fibonacci fitracement value (Fib Val); should the price break and close, it could lead to a rally to $22,500 at the 61.8% Fib price.
Daily resistance for the BTC price – $21,600.
Daily Support for the BTC price – $20,300-$19,800.
32.8% Fib Value – $21,200
61.8% Fib Value – $22,500.
Featured image from coingape. Charts from Tradingview