Bitcoin (BTC), trades less than $23,000 Gegen Tether (USDT). After weeks of strong bullish signals, investors have begun to shift their sentiments away from the bear trap.
BTC fell from its bullish position as it broke below certain zones. This confused investors as Bitcoin trades at the top of the weekly key area.
Analysis Of Bitcoin (BTC), Trading On The Weekly Chart
You can see that BTC’s price dropped to $22,800 per week. However, it bounced and reached $25,200, after showing strong recovery signs in the recent weeks.
BTC’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish showing signs of weakness.
While trying to retain key support, the market has not been able to gain more momentum.
If the price of BTC on the weekly chart continues with this structure, it could quickly revisit $20,800 acting as key support. To avoid falling below $19,000, the price of Bitcoin must maintain this support zone.
Weekly resistance for the price of BTC – $22,500.
Weekly support for the price of BTC – $20,800.
BTC Prices on the Daily (1D), Chart
The price of BTC broke to the downside of a rising wedge with more sell orders leading to BTC breaking key support zones.
BTC’s price needs to bounce and form support above to avoid panic selling below $20,800.
Bitcoin’s strength has been shown in maintaining this support. If bulls step in, we might trend higher to $22,500 as resistance for BTC.
BTC’s current price is $21,300. That’s just under the Exponential Moving average (EMA), which corresponds with prices of $23,000 and $28,000 at the moment.
Relative Strength Index for BTC price on daily chart below 35. This indicates sell orders.
Daily (1D) resistance for BTC price – $22,500.
Daily (1D) support for BTC price – $20,800.
BTC Prices on The Four-Hourly (four hours) Chart
BTC prices have continued to be bearish below the 200 and 50 EMAs, which represents $23,000 of resistance.
BTC may fail to secure the $20,800 support level, and the market could see it retesting $19,000 to determine the new support area. After the retracement by BTC price, we would see a relief bounce before BTC’s next movement.
Four-Hourly (4H) resistance for BTC price – $23,000.
Four-Hourly (4H) support for BTC price – $20,800.
Featured image taken from zimex. Charts from TradingView.com