Bitcoin Price Slips Below $19,000, Vital Trading Levels To Look Out For
24 Septembre 2022 - 03:00AM
NEWSBTC
The Bitcoin price is now trading below the $19,000 level after the
bulls failed to defend the coin at the aforementioned level. Over
the last 24 hours, BTC fell by 1.2%, indicating that the coin was
laterally trading. In the past week, the Bitcoin price has
depreciated 6%. Buying strength continued to remain low on the
one-day chart. Sellers have taken over, and it has been the same
for almost a week. If the price of Bitcoin continues in this
direction, the coin may fall to its immediate support zone. If the
bulls have to defend BTC at the current price level, then buyers
have to come through. The current support zone for the coin is
$18,500-$18,000. A fall from that level would cause Bitcoin to
travel below $17,000. The asset can drop to $16,000 and then,
subsequently, to the $14,000 level. The recent dip in buying
strength will cause BTC to dip further on its 24-hour chart.
Bitcoin Price Analysis: One Day Chart BTC was trading at $18,600 at
the time of writing. The immediate resistance for the coin was at
$19,000, and the bulls have failed to defend the coin at that price
level for weeks now. If Bitcoin price manages to surpass the
$20,000 level, the bulls might be able to take charge. The nearest
support line for the coin was $18,000. A fall beneath that means
BTC touching $16,000 and then $14,000. The amount of Bitcoin traded
in the last session decreased, and that meant a fall in buying
strength. Technical Analysis On the one-day chart, BTC showed that
there was demand at lower levels. The technical indicators also
suggested that sellers outnumbered buyers. The Relative Strength
Index was below the half-line, which indicated increased selling
strength. The Bitcoin price was below the 20-SMA line, and that
meant sellers were driving the price momentum in the market as
there was decreased demand for Bitcoin on the one-day chart.
Related Reading: TA: Bitcoin Price Remains Range bound, Why There’s
Hope of a Fresh Rally BTC depicted increased selling pressure,
which has been dragging the coin to its closest support line. The
technical outlook points towards further selling pressure for the
coin. The Moving Average Convergence Divergence indicates the price
momentum and the overall price action of the coin. The MACD
underwent a bearish crossover and formed red histograms, which was
sell signal for the coin. The Directional Movement Index was
negative as the -DI line was above the +DI line and that showed
that the bears were in control of the coiin. The Average
Directional Index (Red) was moving above the 20-mark, and that’s a
sign of bearish momentum for Bitcoin. Related Reading: Bitcoin
aSOPR Profit-Loss Junction Continues To Act As Resistance Featured
image from UnSplash, Chart: TradingView.com
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