Bitcoin price showed strength over the past four days as it finally broke the $19,000 price area.
The bitcoin price was consolidating over the past week prior to this rally. At the moment, the $18,000 price level is acting as a strong support for the coin.
The $18,000-$19,000 price range remains important even though the bitcoin price has stabilized.
If the cryptocurrency fails to trade above its current levels and close near $18,000, its next trading area will lie at $15,000. The relief rally seems to have brought buyers back into the market.
Technical indicators have also painted a bullish picture for Bitcoin on the daily chart. Bitcoin demand must remain stable for the coin to remain optimistic on its daily chart.
This coin can go up to $24,000. However, this price level could prove to be a strong hurdle for Bitcoin.
This in turn could push the price of bitcoin up to its nearest support line. If bitcoin manages to hold above $22,000, it is likely to trade closer to $24,000.
Bitcoin Price Analysis: One Day Chart
At the time of writing, BTC was trading at $22,100. However, after a period of consolidation, there has been a relief rally in the recent past.
The immediate resistance for the coin was $24,000, but the above level could prove to be a strong resistance mark for Bitcoin.
Local support for the coin was at $19,000 and then at $18,000. If Bitcoin reaches $18,000, it is likely that it will target $15,000.
The volume of bitcoin traded declined in the previous session, indicating increasing selling pressure.
technical analysis
BTC has been showing signs of optimism over the past few days.
It still remains to be seen how bitcoin price rises above the $22,000 price mark.
Bitcoin price outlook has turned positive, with buying power gaining momentum over the past few trading sessions.
The relative strength index was above the halfway line, indicating that there were more buyers than sellers at the time of writing.
Bitcoin price moved above the 20-SMA line, indicating that buyers were driving the price momentum in the market.
Increased demand will push the 20-SMA line to cross the 50-SMA line, increasing the chances of a bullish move.
Other technical indicators for bitcoin also seemed to be with the bulls at press time. The overall price direction of the coin was positive, as indicated by technical indicators.
The Directional Movement Index was positive with the +DI line above the -DI line. However, the Average Directional Index (red) broke slightly.
This meant that the price momentum could lose steam. Bollinger Bands indicate volatility, and a slight opening of the bands means that there could be a possibility of price volatility.