Tug Of War Between Bulls And Bears, Will Bitcoin Price Retest $19,000?
The worth of Bitcoin (BTC) has continued to battle in opposition to Tether (USDT) as bulls and bears are caught in a tug of conflict concerning the place Bitcoin worth ought to be headed as we strategy the month-to-month shut. Bitcoin’s (BTC) worth confirmed a lot steam, nevertheless it looks like it was only a bull lure for a lot of buyers and merchants. (Information from Binance)
Bitcoin (BTC) Worth Evaluation On The Weekly Chart
Bitcoin’s (BTC) price has proven a lot energy making an attempt to carry above $19,500 previously few days, with the worth bouncing instantly because it drops into the sub $19,800 on a number of events.
The worth of BTC has continued to indicate energy, making an attempt to interrupt above $20,500 regardless of being rejected; the BTC worth wants to interrupt this space performing as resistance for bulls to have the possibility of pushing the worth increased to a area of $22,000.
BTC is at the moment buying and selling beneath its resistance, stopping the worth from trending increased; if BTC can not break previous this resistance of $20,800, we may see the worth revisiting the assist area at $19,000, performing as a requirement zone for many buyers.
Weekly resistance for the worth of BTC – $20,800.
Weekly assist for the worth of BTC – $19,000.
Worth Evaluation Of BTC On The Each day (1D) Chart
The worth of BTC discovered its each day low at $19,500; as the worth bounced off from that area, BTC’s worth has remained sturdy, buying and selling above $19,000, not permitting bears to take the worth decrease.
Regardless of being rejected lately from the $20,500 mark, BTC worth has proven nice bullish energy, not retesting the assist area of $19,000 as this might favor bears.
The worth of BTC is buying and selling at $20,100 beneath the each day 50-day and 200-day Exponential Transferring Common (EMA).
The 50 and 200 EMA correspond to costs of $22,200 and $30,000, respectively, performing as resistances for the worth of BTC to development increased. If the BTC worth breaks and holds above the $22,200 akin to the 50 EMA, we may see the worth trending increased 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.
Each day (1D) resistance for the BTC worth – $22,200, $30,000.
Each day (1D) assist for the BTC worth – $19,000.
Worth Evaluation Of BTC On The 4-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 at the moment trades beneath the 50 EMA on the 4H chart, with extra sellers keen to push the worth decrease.
After forming a bullish divergence on the 4H chart as the worth was oversold, the BTC worth bounced from $19,500 to $20,000, however the worth was unable to interrupt above the 50 EMA, performing as resistance for the BTC worth; the 50 EMA worth corresponds to the assist at $20,600.
The Relative Power Index (RSI) for BTC on the 4H chart is beneath 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.
4-Hourly (4H) resistance for the BTC worth – $20,600.
4-Hourly (4H) assist for the BTC worth – $19,000.
Featured Picture From zipmex, Charts From TradingView.com
