{"id":9571,"date":"2022-10-12T02:03:13","date_gmt":"2022-10-12T06:03:13","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=9571"},"modified":"2022-10-12T02:03:13","modified_gmt":"2022-10-12T06:03:13","slug":"bitcoin-plays-ping-pong-as-price-continues-in-a-range-where-is-price-headed","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/12\/bitcoin-plays-ping-pong-as-price-continues-in-a-range-where-is-price-headed\/","title":{"rendered":"Bitcoin Plays Ping Pong As Price Continues In A Range, Where Is Price Headed?"},"content":{"rendered":"

BTC prices continue to trend downwards as prices remain bearish, with price trading on critical support.\u00a0
\nBTC trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs.\u00a0
\nThe price of BTC needs to break and hold above the key resistance of $20,500 to initiate recovery signs for the price.\u00a0<\/p>\n

The price of Bitcoin (BTC) continues to struggle to discover its bullish trend as the price fails to break the key resistance of $20,500 against tether (USDT). Bitcoin (BTC) and other crypto assets enjoyed a relief bounce in previous weeks that saw the crypto market cap looking good for cryptocurrencies across the industry, with many producing double-digit gains. (Data from Binance)\u00a0<\/p>\n

Bitcoin (BTC) Price Analysis On The Weekly Chart.<\/p>\n

Despite many traders and investors speculating on Uptober as BTC has previously shown bullish signs in October, in this case, there seems to be a slight difference as the price of BTC keeps maintaining a downtrend structure.<\/p>\n

After the price of BTC rallied from a weekly low of $18,800, the price went to a high of $25,000, as many expected the price to form a base or support before continuation to a high of $30,000, but this was never the case.<\/p>\n

The price of BTC was rejected at $25,000, and the price has since struggled to regain its bullish strength as many traders are anticipating a drop to the region of $18,000 as these zones have been identified as high-demand areas for the price of BTC.<\/p>\n

ETH currently trades at $19,000, holding its price from falling below the support it has formed at $18,000; a drop below this zone could mean a retest of $17,500 and lower. Although, the price of BTC has lost the support at $19,000 on several occasions as this has been minor support.\u00a0<\/p>\n

Weekly resistance for the price of BTC \u2013 $21,000.<\/p>\n

Weekly support for the price of BTC \u2013 $18,000.<\/p>\n

Price Analysis Of BTC On The Daily (1D) Chart
\nDaily BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

In the daily timeframe, the price of BTC continues to trade below the 50, and 200 Exponential Moving Averages (EMA) as the price continues to range<\/a> in a descending triangle, with prices struggling to break on either side.<\/p>\n

The prices of $20,200 and $26,000 correspond to the prices at 50 and 200 EMA acting as resistance for ETH.<\/p>\n

The price of BTC needs to reclaim $20,500 for the price to look safe; a drop to $18,000 and lower could trigger a retracement to a region of $17,500 due to panic selling with investors and whales waiting for such an opportunity.<\/p>\n

Daily resistance for the BTC price \u2013 $20,500.<\/p>\n

Daily support for the BTC price \u2013 $18,000.<\/p>\n

Featured Image From Bitcoin Magazine, Charts From Tradingview<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

BTC prices continue to trend downwards as prices remain bearish, with price trading on critical support.\u00a0
\nBTC trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs.\u00a0
\nThe price of BTC needs to break and hold above the key resistance of $20,500 to initiate recovery signs for the price.\u00a0<\/p>\n

The price of Bitcoin (BTC) continues to struggle to discover its bullish trend as the price fails to break the key resistance of $20,500 against tether (USDT). Bitcoin (BTC) and other crypto assets enjoyed a relief bounce in previous weeks that saw the crypto market cap looking good for cryptocurrencies across the industry, with many producing double-digit gains. (Data from Binance)\u00a0<\/p>\n

Bitcoin (BTC) Price Analysis On The Weekly Chart.<\/p>\n

Despite many traders and investors speculating on Uptober as BTC has previously shown bullish signs in October, in this case, there seems to be a slight difference as the price of BTC keeps maintaining a downtrend structure.<\/p>\n

After the price of BTC rallied from a weekly low of $18,800, the price went to a high of $25,000, as many expected the price to form a base or support before continuation to a high of $30,000, but this was never the case.<\/p>\n

The price of BTC was rejected at $25,000, and the price has since struggled to regain its bullish strength as many traders are anticipating a drop to the region of $18,000 as these zones have been identified as high-demand areas for the price of BTC.<\/p>\n

ETH currently trades at $19,000, holding its price from falling below the support it has formed at $18,000; a drop below this zone could mean a retest of $17,500 and lower. Although, the price of BTC has lost the support at $19,000 on several occasions as this has been minor support.\u00a0<\/p>\n

Weekly resistance for the price of BTC \u2013 $21,000.<\/p>\n

Weekly support for the price of BTC \u2013 $18,000.<\/p>\n

Price Analysis Of BTC On The Daily (1D) Chart
\nDaily BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

In the daily timeframe, the price of BTC continues to trade below the 50, and 200 Exponential Moving Averages (EMA) as the price continues to range<\/a> in a descending triangle, with prices struggling to break on either side.<\/p>\n

The prices of $20,200 and $26,000 correspond to the prices at 50 and 200 EMA acting as resistance for ETH.<\/p>\n

The price of BTC needs to reclaim $20,500 for the price to look safe; a drop to $18,000 and lower could trigger a retracement to a region of $17,500 due to panic selling with investors and whales waiting for such an opportunity.<\/p>\n

Daily resistance for the BTC price \u2013 $20,500.<\/p>\n

Daily support for the BTC price \u2013 $18,000.<\/p>\n

Featured Image From Bitcoin Magazine, Charts From Tradingview<\/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-9571","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\/9571","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=9571"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/9571\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=9571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=9571"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=9571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}