Bitcoin (BTC), even though it showed bearish signs in comparison to tether(USDT) recently as the price dropped to $18,500. Many traders and investors were worried about their long unfilled position.
Bitcoin (BTC), which formed a bullish divergence at the 4 hr chart, quickly recovered from its previous low and showed no sign of slowing. Data from Binance
Bitcoin (BTC Price Analysis on the Weekly Chart
BTC prices have had difficulty maintaining their bullish momentum in recent weeks. It was rejected from $25,200 acting as supply zone by most sellers.
BTC has struggled to trend higher after it saw its price drop from a rising wedge as this triggered most sell orders, leaving BTC’s price to retest its previous all-time high, leaving many worried as the price could go lower to $10,000.
BTC prices could also face another scenario. In this case though, BTC trends are generally higher before the weekly close. BTC recovered well from its last weekly low. With support at $20,000.700, BTC might be ready to make a big run for $24,000-25,000 if the weekly candle closes over $21,700.
BTC’s price looks bullish ahead of the weekly close and could trend even higher as the market looks promising ahead of the new week.
BTC continues to adhere to the resistance line that acts as support for BTC prices on the weekly timeline; however, if BTC moves above this trendline we may see bullish sentiments.
Weekly resistance for the price of BTC – $24,000.
Weekly support for the price of BTC – $20,700.
BTC Price Analysis On A Daily (1D), Chart
BTC’s daily range looks positive, and prices are likely to end the day or week at a new high. BTC prices rose from $19,000 to $21,600 on a daily basis. However, it faces resistance in breaking out of this area.
BTC’s price must rise above $21,600 in order to rally to $24,000. The price of Bitcoin could fall below this level, and the market may retest the $20,700 region that has provided good support over the daily period.
The price of Bitcoin is currently trading at $21,500 per day. This attempt to surpass the 50-exponential moving average (EMA) will be a major challenge. BTC’s resistance is represented by the $50 EMA which corresponds to $21,600.
BTC will be looking to break the major resistance during the day. This corresponds with the $22,000 Fibonacci Retracement Value of 23.6%. BTC’s price above this area would encourage bullish sentiments.
BTC has a Relative Strength Index of (RSI), which is higher than 50 in the daily chart. This indicates that there are high volumes of buy orders.
Daily resistance for the BTC price – $21,600.
Daily support for the BTC price – $20,700.
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