TA- Bitcoin (BTC) Unable To Hold Above $24,000 Ahead Of Bearish Signs
17 August 2022 - 02:30PM
NEWSBTC
The price of Bitcoin BTC has struggled to hold above $24,700
against Tether (USDT) after being rejected from that region.
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. Related Reading: SHIB On
Fire – And A Bull Run Could Be Around The Corner – Here’s Why
Bitcoin (BTC) Price Analysis On The Weekly Chart 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. BTC’s weekly candle closed with a
bullish sentiment, but the new week’s candle tends to look bearish,
indicating we could have a minor retracement to the next support
area of $21,500. The price has struggled to build more momentum as
it faces resistance at $24,000. If the price of BTC on the weekly
chart continues with this structure, it could quickly revisit
$21,500, acting as good support for the price of BTC. Weekly
resistance for the price of BTC – $24,000. Weekly support for the
price of BTC – $21,500. Price Analysis Of Bitcoin On The Daily (1D)
Chart The price of BTC found strong support at $22,443, with what
seems to be an area of interest on the daily chart. BTC bounced
from its support and rallied to $25,200, where it was faced with
resistance and was rejected from that region. 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. 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. 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. 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. Daily (1D) resistance for BTC price – $24,000. Daily
(1D) support for ETH price – $23,400, $21,500. Price Analysis OF
BTC On The Four-Hourly (4H) Chart 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. 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. 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’s price. Four-Hourly (4H)
resistance for BTC price – $24,000. Four-Hourly (4H) support for
BTC price – $23,200, $21,500. Related Reading: TA: Ethereum
Indicators Suggest ETH at Potentially Significant Turning Point
Featured image from AAX, Charts from TradingView.com
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