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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

TA- Bitcoin (BTC) Trades Above $20,800, Can Bulls Hold This Key Zone?

jamesobande
jamesobande
1 year ago
3 mins read

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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.

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.

Related Reading: Investor Sentiment Falls As Crypto Market Sheds $100 Billion

Bitcoin (BTC) Trade Analysis On The Weekly Chart

Weekly BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com

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. 

BTC’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish showing signs of weakness.

The price has struggled to build more momentum as it tries to hold key support.

If the price of BTC on the weekly chart continues with this structure, it could quickly revisit  $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.

Weekly resistance for the price of BTC – $22,500.

Weekly support for the price of BTC – $20,800.

Price Of BTC On The Daily (1D) Chart

Daily BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com

The price of BTC  broke to the downside of a rising wedge with more sell orders leading to BTC breaking key support zones.

BTC’s price needs to bounce and form support above to avoid panic selling below $20,800. 

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.

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.

The Relative Strength Index (RSI) for the price of BTC on the daily chart is below 35, indicating sell orders.

Daily (1D) resistance for BTC price – $22,500.

Daily (1D) support for BTC price – $20,800.

Price Analysis Of BTC On The Four-Hourly (4H) Chart

Four-Hourly BTC Price Chart Analysis | Source: BTCUSDT On Tradingview.com

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. 

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’s next movement.

Four-Hourly (4H) resistance for BTC price – $23,000.

Four-Hourly (4H) support for BTC price – $20,800.

Related Reading: Ethereum Sends Red Signals, But Should You Worry About The Long Term?
Featured image from zipmex, Charts from TradingView.com 
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jamesobande
jamesobande

jamesobande

James is a blockchain writer and technical Analyst with more than five years of experience in the crypto space.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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