The price of Bitcoin (BTC) showed indecision for weeks, as the price moved between $19,500-$20,000 for weeks, stopping at the next movement. Despite so many expectations of a minor squeeze in price to $21,600 before Bitcoin (BTC)’s next move, it did not happen as the price broke below the key $19,000 support. (data from Binance)
Bitcoin (BTC) Price Analysis on Weekly Chart
The price of BTC has struggled to repeat its bullish move that has generated excitement in recent months, with the price declining with each passing week. After BTC price touched its previous all-time high of $19,000, many expected the price to rally to new highs to form support, but the price continued to revisit this support area of $19,000 , thereby weakening stop sell orders.
BTC price needs to bounce back from the current price of $18,800 for a relief rally to be possible to retest the $19,100 area; If BTC price fails to reclaim the $19,100 area, we could see the price turning lower, which will not bode well for the bulls and crypto market conditions.
If BTC price maintains this bearish structure, we can see that BTC price is at monthly lows.
Weekly resistance for BTC price – $20,600.
Weekly Support for BTC Price – $18,500 – $17,500
BTC Price Analysis on Daily (1D) Chart
BTC price bounced back after retesting daily lows but could not trend higher as the price was followed by more bearish signals indicating exhaustion. BTC price failed to maintain its key support at $19,000, which also served as an all-time high; If BTC price fails to reclaim its daily support of $19,000, we can see that BTC price is retiring into the lower zone.
BTC price continues to show more bearish momentum, indicating that more sell orders have been placed. BTC price continues to decline as price needs to break above the $19,500 area for relief, acting as a daily resistance for BTC price.
BTC price is trading below its 50 and 200 exponential moving averages (EMAs) at $18,900 on the daily time frame. The $21,600 and $29,000 prices are in line with the 50 and 200 EMAs which act as resistance for BTC price.
Daily (1D) resistance for BTC price – $20,500 – $21,600.
Daily (1D) support for BTC price – $18,500-$17,500.
BTC price analysis on 4-hours (4H) chart
BTC price is looking bearish on the 4H time frame but with a glimmer of hope, there has been a bullish divergence in price and the price is set to retest $19,700 as the price breaks the resistance below the 50 and 200 EMAs. works as.
BTC price needs to build more momentum as the price aims to retest $19,700, which corresponds to the 50 EMA price.
The $19,700 price corresponds to the 61.8% Fib retracement level of the price.
On the 4H chart, the Relative Strength Index (RSI) for BTC is below 35, indicating more sell order volume for BTC price.
Four-hour (1H) resistance for BTC price – $19,700-$21,600.
Four-hour (1H) support for BTC price – $18,500 – $17,500.
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