Bitcoin price is witnessing one of the worst times ever as the trading weekend turned out to be in favor of the bears. The price slipped above an important support area near $28,000 and declined below another support area near $26,000. Currently, BTC price is trending higher towards the south and it may test the last line of defense at $24,300, which could hold the price above $20,000.
Bitcoin (BTC) Price Analysis
- BTC price currently declined below the $28,436 support level after breaking out of a descending triangle, long before reaching the top of the consolidation.
- The decline is currently dragging the price closer to critical levels and the only support above $20,000 is between $22,500 and $23,800.
- Prices either need to consolidate within these ranges, or they will need to close below $20,000 to prevent them from falling below this range. need to be kept above
- In the worst case scenario, the price may continue with the downtrend and break the lower support with an extended bearish run
- In such a case, the day may close below the support area which could pave the way for the price to test the support at $19,400.
Bitcoin (BTC) Technical Analysis
technical indicators | Price (1Hr/1D) | Action (1 hr/1 d0) |
Average True Range (ATR) | 486.54 / 1435.72 | high volatility / low volatility |
Average Directional Index (ADX) | 49.26 / 26.45 | sell / sell |
Moving Average (MA) 50 | $27,743.60 / $31,975 | sell / sell |
Moving Average (MA) 200 | $29,591.80 / $40,650 | sell / sell |
- Bitcoin price may test one of the important weekly support levels near the 200-day SMA at $22,479 after rejecting the key support area.
- If these levels are also rejected, the asset could face a steep decline, which appears imminent as the MACD is extremely bearish.
- On the other hand, the RSI is also following an important descending trend line and it is testing lower support for the first time since December 2018.
- ATR is highly volatile in the short term, therefore, notable price action can be expected towards the end of the day which can also be quite risky
- Bitcoin (BTC) price, collectively, is extremely bearish across all time horizons and may continue to work hard to reach the next support area