Blog

The worth of Bitcoin (BTC) has continued to wrestle in opposition to Tether (USDT) as bulls and bears are caught in a tug of warfare relating to the place Bitcoin worth must be headed as we strategy the month-to-month shut. Bitcoin’s (BTC) worth confirmed a lot steam, but it surely looks like it was only a bull lure for a lot of buyers and merchants. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart 

Bitcoin’s (BTC) price has proven a lot power making an attempt to carry above $19,500 previously few days, with the value bouncing instantly because it drops into the sub $19,800 on a number of events.

The worth of BTC has continued to indicate power, making an attempt to interrupt above $20,500 regardless of being rejected; the BTC worth wants to interrupt this space appearing as resistance for bulls to have the possibility of pushing the value larger to a area of $22,000.

BTC is presently buying and selling under its resistance, stopping the value from trending larger; if BTC can not break previous this resistance of $20,800, we might see the value revisiting the assist area at $19,000, appearing as a requirement zone for many buyers.

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

Weekly assist for the value of BTC – $19,000.

Price Analysis Of BTC On The Daily (1D) Chart

The worth of BTC discovered its each day low at $19,500; as the value bounced off from that area, BTC’s worth has remained robust, buying and selling above $19,000, not permitting bears to take the value decrease. 

Despite being rejected just lately from the $20,500 mark, BTC worth has proven nice bullish power, not retesting the assist area of $19,000 as this might favor bears.

The worth of BTC is buying and selling at $20,100 under the each day 50-day and 200-day Exponential Moving Average (EMA).

The 50 and 200 EMA correspond to costs of $22,200 and $30,000, respectively, appearing as resistances for the value of BTC to pattern larger. If the BTC worth breaks and holds above the $22,200 akin to the 50 EMA, we might see the value trending larger to $23,000.

If BTC’s worth fails to interrupt above its resistances, then costs would discover extra momentum at its assist of $19,000 and even decrease.

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

Daily (1D) assist for the BTC worth – $19,000.

Price Analysis Of BTC On The Four-Hourly (4H) Chart

The worth of BTC on the 4H chart has continued to look bearish, making an attempt to carry above the assist space at $19,000. BTC worth presently trades under the 50 EMA on the 4H chart, with extra sellers prepared to push the value decrease.

After forming a bullish divergence on the 4H chart as the value was oversold, the BTC worth bounced from $19,500 to $20,000, however the worth was unable to interrupt above the 50 EMA, appearing as resistance for the BTC worth; the 50 EMA worth corresponds to the assist at $20,600.

The Relative Strength Index (RSI) for BTC on the 4H chart is under 50, indicating much less purchase order quantity for the BTC worth.

BTC’s month-to-month shut would give us a broader view of the subsequent motion of Bitcoin worth and the place the market is headed.

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

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

Featured Image From zipmex, Charts From TradingView.com