Tug Of War Between Bulls And Bears, Will Bitcoin Price Retest $19,000?

As we near the month close, Bitcoin’s (BTC), has been struggling against Tether (USDT). Bulls and bears have become involved in a tug-of-war over where Bitcoin should go. Bitcoin’s (BTC) price showed so much steam, but it seems like it was just a bull trap for many investors and traders. Data from Binance

Bitcoin (BTC), Weekly Chart Price Analysis 

Bitcoin’s (BTC) price has shown so much strength trying to hold above $19,500 in the past few days, with the price bouncing immediately as it drops into the sub $19,800 on several occasions.

BTC continues to rise despite its rejection. The BTC price must break the resistance zone that is acting as resistance to bulls in order for them to be able to drive the price higher towards $22,000.

BTC currently trades below its resistance which is preventing the price trending higher. If BTC fails to break through this resistance at $20,800 we may see it retrace the support zone at $19,000 acting as a demand area for investors.

Weekly resistance for the price of BTC – $20,800.

Weekly support for the price of BTC – $19,000.

BTC Price Analysis On A Daily (1D), Chart

Source : Tradingview.com| Source: BTCUSDT On Tradingview.com

The price of BTC found its daily low at $19,500; as the price bounced off from that region, BTC’s price has remained strong, trading above $19,000, not allowing bears to take the price lower. 

BTC’s price showed great bullishness despite being rejected at the $20,500 level. It has not been retesting $19,000 support zone as bears would prefer.

BTC prices are trading below the Exponential Moving average (EMA), which is a daily moving average of $50-days and $200-days, respectively.

BTC could trend higher if the 50 and 200 EMA are broken. These correspond to $30,000 and $22,200 respectively. The price could trend higher towards $23,000 if the BTC price holds above $22,200 correspondingly to 50 EMA.

If BTC’s price fails to break above its resistances, then prices would find more momentum at its support of $19,000 or even lower.

Daily (1D) resistance for the BTC price – $22,200, $30,000.

Daily (1D) support for the BTC price – $19,000.

BTC Prices on The Four-Hourly (four hours) Chart

Source: Tradingview.com| Source: BTCUSDT On Tradingview.com

BTC’s price has been looking bearish on the 4H charts. It is trying to stay above $19,000 as support. BTC is currently trading below the 50 EMA, but more sellers are willing to push it lower.

A bullish divergence was formed on the 4H charts as the price was too high. The BTC Price bounced back from $19,500 and $20,000 but was unable move above the 50 EMA. This was resistance to the BTC prices; the $50 EMA is support.

Relative Strength Index (RSI for BTC) on the 4H Chart is below 50. This means that the BTC price has less volume to buy.

BTC’s monthly close would give us a broader view of the next movement of Bitcoin price and where the market is headed.

Four-Hourly (4H) resistance for the BTC price – $20,600.

Four-Hourly (4H) support for the BTC price – $19,000.

Featured Image from zipmex. Charts From TradingView.com 

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