Tug Of War Between Bulls And Bears, Will Bitcoin Price Retest $19,000?
The price of Bitcoin (BTC) has continued to struggle against Tether (USDT) as bulls and bears are caught in a tug of war regarding where Bitcoin price should be headed as we approach the monthly close. Bitcoin’s (BTC) price showed so much steam, but it seems like it was just a bull trap for many investors and traders. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Bitcoin’s (BTC) price has shown so much strength trying to hold above $19,500 in the past few days, with the price bouncing immediately as it drops into the sub $19,800 on several occasions.
The price of BTC has continued to show strength, trying to break above $20,500 despite being rejected; the BTC price needs to break this area acting as resistance for bulls to have the chance of pushing the price higher to a region of $22,000.
BTC is currently trading below its resistance, stopping the price from trending higher; if BTC cannot break past this resistance of $20,800, we could see the price revisiting the support region at $19,000, acting as a demand zone for most investors.
Weekly resistance for the price of BTC – $20,800.
Weekly support for the price of BTC – $19,000.
Price Analysis Of BTC On The Daily (1D) Chart
The price of BTC found its daily low at $19,500; as the price bounced off from that region, BTC’s price has remained strong, trading above $19,000, not allowing bears to take the price lower.
Despite being rejected recently from the $20,500 mark, BTC price has shown great bullish strength, not retesting the support region of $19,000 as this would favor bears.
The price of BTC is trading at $20,100 below the daily 50-day and 200-day Exponential Moving Average (EMA).
The 50 and 200 EMA correspond to prices of $22,200 and $30,000, respectively, acting as resistances for the price of BTC to trend higher. If the BTC price breaks and holds above the $22,200 corresponding to the 50 EMA, we could see the price trending higher to $23,000.
If BTC’s price fails to break above its resistances, then prices would find more momentum at its support of $19,000 or even lower.
Daily (1D) resistance for the BTC price – $22,200, $30,000.
Daily (1D) support for the BTC price – $19,000.
Price Analysis Of BTC On The Four-Hourly (4H) Chart
The price of BTC on the 4H chart has continued to look bearish, trying to hold above the support area at $19,000. BTC price currently trades below the 50 EMA on the 4H chart, with more sellers willing to push the price lower.
After forming a bullish divergence on the 4H chart as the price was oversold, the BTC price bounced from $19,500 to $20,000, but the price was unable to break above the 50 EMA, acting as resistance for the BTC price; the 50 EMA price corresponds to the support at $20,600.
The Relative Strength Index (RSI) for BTC on the 4H chart is below 50, indicating less buy order volume for the BTC price.
BTC’s monthly close would give us a broader view of the next movement of Bitcoin price and where the market is headed.
Four-Hourly (4H) resistance for the BTC price – $20,600.
Four-Hourly (4H) support for the BTC price – $19,000.
Featured Image From zipmex, Charts From TradingView.com