The price of Bitcoin BTC has struggled to hold above $24,700 against Tether (USDT) after being rejected from that region.\u00a0<\/p>\n
Bitcoin in recent times has shown bullish signs after rallying to the $24,000 mark, with many investors speculating this could be the start of the bull run. The price of BTC was rejected from $25,200 and has struggled to reclaim that region.<\/p>\n
Bitcoin (BTC) Price Analysis On The Weekly Chart
\nWeekly BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/p>\n
From the chart, the price of BTC saw a weekly low of $19,000, which bounced from that area and rallied to a price of $25,200, making six straight weeks of bullish sentiments.<\/p>\n
BTC\u2019s weekly candle closed with a bullish sentiment, but the new week\u2019s candle tends to look bearish, indicating we could have a minor retracement to the next support area of $21,500.<\/p>\n
The price has struggled to build more momentum as it faces resistance at $24,000.<\/p>\n
If the price of BTC on the weekly chart continues with this structure, it could quickly revisit\u00a0 $21,500, acting as good support for the price of BTC.<\/p>\n
Weekly resistance for the price of BTC \u2013 $24,000.<\/p>\n
Weekly support for the price of BTC \u2013 $21,500.<\/p>\n
Price Analysis Of Bitcoin On The Daily (1D) Chart
\nDaily BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/p>\n
The price of BTC found strong support at $22,443, with what seems to be an area of interest on the daily chart.<\/p>\n
BTC bounced from its support and rallied to $25,200, where it was faced with resistance and was rejected from that region.<\/p>\n
The price of BTC has continued to range in a rising wedge after being rejected from the $25,200 mark. Breaking out of this rising wedge to the downside could mean a retest of the $21,500 support area.\u00a0<\/p>\n
At the point of writing, the price of BTC is at $23,800, narrowly above the 50 Exponential Moving Average (EMA), which corresponds to $23,400.<\/p>\n
BTC needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BTC to $21,500.<\/p>\n
The Relative Strength Index (RSI) for the price of BTC on the daily chart is above 50, but there is a break to the downside on the uptrend line holding the RSI, indicating we could be due for a retracement.<\/p>\n
Daily (1D) resistance for BTC price \u2013 $24,000.<\/p>\n
Daily (1D) support for ETH price \u2013 $23,400, $21,500.<\/p>\n
Price Analysis OF BTC On The Four-Hourly (4H) Chart
\nFour-Hourly BTC Chart | Source: BTCUSDT On Tradingview.com<\/p>\n
The price of Bitcoin BTC is having a hard time holding above the 50 and 200 EMA prices that correspond to $24,000 and $23,200.<\/p>\n
On the 4H timeframe, the 50 EMA is acting as a resistance for the price of BTC after breaking out of the rising wedge in which prices have ranged.<\/p>\n
The 200 EMA would act as support for BTC price in case of a sell-off. If BTC fails to hold this support region, we could retest the region of $21,500 as the next support area to hold BTC\u2019s price.<\/p>\n
Four-Hourly (4H) resistance for BTC price \u2013 $24,000.<\/p>\n
Four-Hourly (4H) support for BTC price \u2013 $23,200, $21,500.<\/p>\n
Featured image from AAX, Charts from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The price of Bitcoin BTC has struggled to hold above $24,700 against Tether (USDT) after being rejected from that region.\u00a0<\/p>\n
Bitcoin in recent times has shown bullish signs after rallying to the $24,000 mark, with many investors speculating this could be the start of the bull run. The price of BTC was rejected from $25,200 and has struggled to reclaim that region.<\/p>\n
Bitcoin (BTC) Price Analysis On The Weekly Chart
\nWeekly BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/p>\n
From the chart, the price of BTC saw a weekly low of $19,000, which bounced from that area and rallied to a price of $25,200, making six straight weeks of bullish sentiments.<\/p>\n
BTC\u2019s weekly candle closed with a bullish sentiment, but the new week\u2019s candle tends to look bearish, indicating we could have a minor retracement to the next support area of $21,500.<\/p>\n
The price has struggled to build more momentum as it faces resistance at $24,000.<\/p>\n
If the price of BTC on the weekly chart continues with this structure, it could quickly revisit\u00a0 $21,500, acting as good support for the price of BTC.<\/p>\n
Weekly resistance for the price of BTC \u2013 $24,000.<\/p>\n
Weekly support for the price of BTC \u2013 $21,500.<\/p>\n
Price Analysis Of Bitcoin On The Daily (1D) Chart
\nDaily BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/p>\n
The price of BTC found strong support at $22,443, with what seems to be an area of interest on the daily chart.<\/p>\n
BTC bounced from its support and rallied to $25,200, where it was faced with resistance and was rejected from that region.<\/p>\n
The price of BTC has continued to range in a rising wedge after being rejected from the $25,200 mark. Breaking out of this rising wedge to the downside could mean a retest of the $21,500 support area.\u00a0<\/p>\n
At the point of writing, the price of BTC is at $23,800, narrowly above the 50 Exponential Moving Average (EMA), which corresponds to $23,400.<\/p>\n
BTC needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BTC to $21,500.<\/p>\n
The Relative Strength Index (RSI) for the price of BTC on the daily chart is above 50, but there is a break to the downside on the uptrend line holding the RSI, indicating we could be due for a retracement.<\/p>\n
Daily (1D) resistance for BTC price \u2013 $24,000.<\/p>\n
Daily (1D) support for ETH price \u2013 $23,400, $21,500.<\/p>\n
Price Analysis OF BTC On The Four-Hourly (4H) Chart
\nFour-Hourly BTC Chart | Source: BTCUSDT On Tradingview.com<\/p>\n
The price of Bitcoin BTC is having a hard time holding above the 50 and 200 EMA prices that correspond to $24,000 and $23,200.<\/p>\n
On the 4H timeframe, the 50 EMA is acting as a resistance for the price of BTC after breaking out of the rising wedge in which prices have ranged.<\/p>\n
The 200 EMA would act as support for BTC price in case of a sell-off. If BTC fails to hold this support region, we could retest the region of $21,500 as the next support area to hold BTC\u2019s price.<\/p>\n
Four-Hourly (4H) resistance for BTC price \u2013 $24,000.<\/p>\n
Four-Hourly (4H) support for BTC price \u2013 $23,200, $21,500.<\/p>\n
Featured image from AAX, Charts from TradingView.com<\/p>\n
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