Bitcoin (BTC) trades below $23,000 against Tether (USDT) after weeks of showing strong bullish signs as investors shift sentiments from bull to bear trap.<\/p>\n
The price of BTC failed to sustain its bullish structure as it breaks below zones leaving investors confused as Bitcoin trades just above the weekly key zone.<\/p>\n
Bitcoin (BTC) Trade Analysis On The Weekly Chart
\nWeekly BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com<\/p>\n
From the chart, the price of BTC saw a weekly low of $22,800, which bounced from that area and rallied to a price of $25,200 after showing great recovery signs in recent weeks.\u00a0<\/p>\n
BTC\u2019s weekly candle closed with a bullish sentiment with the new week\u2019s candle looking bearish showing signs of weakness.<\/p>\n
The price has struggled to build more momentum as it tries to hold key support.<\/p>\n
If the price of BTC on the weekly chart continues with this structure, it could quickly revisit\u00a0 $20,800 acting as key support. The price of BTC needs to hold this support zone to avoid going lower to the region of $19,000.<\/p>\n
Weekly resistance for the price of BTC \u2013 $22,500.<\/p>\n
Weekly support for the price of BTC \u2013 $20,800.<\/p>\n
Price Of BTC On The Daily (1D) Chart
\nDaily BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com<\/p>\n
The price of BTC\u00a0 broke to the downside of a rising wedge with more sell orders leading to BTC breaking key support zones.<\/p>\n
BTC\u2019s price needs to bounce and form support above to avoid panic selling below $20,800.\u00a0<\/p>\n
Bitcoin has shown strength in holding this support, if bulls steps in we could trend higher to a region of $22,500 acting as the resistance for the price of BTC.<\/p>\n
At the point of writing, the price of BTC is at $21,300, just below the 50 and 200 Exponential Moving Average (EMA) which corresponds to prices at $23,000 and $28,000.<\/p>\n
The Relative Strength Index (RSI) for the price of BTC on the daily chart is below 35, indicating sell orders.<\/p>\n
Daily (1D) resistance for BTC price \u2013 $22,500.<\/p>\n
Daily (1D) support for BTC price \u2013 $20,800.<\/p>\n
Price Analysis Of BTC On The Four-Hourly (4H) Chart
\nFour-Hourly BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com<\/p>\n
The price of BTC has continued to show a bearish structure below the 50 and 200 EMA price corresponding to $23,000 acting as resistance for the BTC price.\u00a0<\/p>\n
If BTC fails to hold the support region of $20,800, we could see the price retesting the region of $19,000 as the next support area to hold the BTC price. After the retracement by BTC price, we would see a relief bounce before BTC\u2019s next movement.<\/p>\n
Four-Hourly (4H) resistance for BTC price \u2013 $23,000.<\/p>\n
Four-Hourly (4H) support for BTC price \u2013 $20,800.<\/p>\n
Featured image from zipmex, Charts from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin (BTC) trades below $23,000 against Tether (USDT) after weeks of showing strong bullish signs as investors shift sentiments from bull to bear trap.<\/p>\n
The price of BTC failed to sustain its bullish structure as it breaks below zones leaving investors confused as Bitcoin trades just above the weekly key zone.<\/p>\n
Bitcoin (BTC) Trade Analysis On The Weekly Chart
\nWeekly BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com<\/p>\n
From the chart, the price of BTC saw a weekly low of $22,800, which bounced from that area and rallied to a price of $25,200 after showing great recovery signs in recent weeks.\u00a0<\/p>\n
BTC\u2019s weekly candle closed with a bullish sentiment with the new week\u2019s candle looking bearish showing signs of weakness.<\/p>\n
The price has struggled to build more momentum as it tries to hold key support.<\/p>\n
If the price of BTC on the weekly chart continues with this structure, it could quickly revisit\u00a0 $20,800 acting as key support. The price of BTC needs to hold this support zone to avoid going lower to the region of $19,000.<\/p>\n
Weekly resistance for the price of BTC \u2013 $22,500.<\/p>\n
Weekly support for the price of BTC \u2013 $20,800.<\/p>\n
Price Of BTC On The Daily (1D) Chart
\nDaily BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com<\/p>\n
The price of BTC\u00a0 broke to the downside of a rising wedge with more sell orders leading to BTC breaking key support zones.<\/p>\n
BTC\u2019s price needs to bounce and form support above to avoid panic selling below $20,800.\u00a0<\/p>\n
Bitcoin has shown strength in holding this support, if bulls steps in we could trend higher to a region of $22,500 acting as the resistance for the price of BTC.<\/p>\n
At the point of writing, the price of BTC is at $21,300, just below the 50 and 200 Exponential Moving Average (EMA) which corresponds to prices at $23,000 and $28,000.<\/p>\n
The Relative Strength Index (RSI) for the price of BTC on the daily chart is below 35, indicating sell orders.<\/p>\n
Daily (1D) resistance for BTC price \u2013 $22,500.<\/p>\n
Daily (1D) support for BTC price \u2013 $20,800.<\/p>\n
Price Analysis Of BTC On The Four-Hourly (4H) Chart
\nFour-Hourly BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com<\/p>\n
The price of BTC has continued to show a bearish structure below the 50 and 200 EMA price corresponding to $23,000 acting as resistance for the BTC price.\u00a0<\/p>\n
If BTC fails to hold the support region of $20,800, we could see the price retesting the region of $19,000 as the next support area to hold the BTC price. After the retracement by BTC price, we would see a relief bounce before BTC\u2019s next movement.<\/p>\n
Four-Hourly (4H) resistance for BTC price \u2013 $23,000.<\/p>\n
Four-Hourly (4H) support for BTC price \u2013 $20,800.<\/p>\n
Featured image from zipmex, Charts from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-5994","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=5994"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5994\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5994"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}