The Bitcoin daily technical chart accentuates an ongoing sideways rally. The $24500 resistance has acted as a growth limiter, registering the price action to reach higher levels. On the flip side, the $18800 provides bottom support for the range-bound rally. The Bitcoin price currently shows a reversal sign at the nearest support of $19500, and thus, the coin traders can witness a minor pullback before the prices continue their downfall.
Source-Tradingview
The last bounce back from the $18800 support surged the Bitcoin price $20.2% higher to hit the $22600 barrier. However, the recent news of high CPI data caused a sharp sell-off in the crypto market on September 13th and tumbled the coin price by 9.5%.
The bearish engulfing candle breached the $20600, 20-and-50-day EMA altogether. Thus, the accelerated bearish momentum plummeted another 5% to reach minor support of $19500.
Also read: Here’s When Bitcoin (BTC) Price May Reclaim The 200-WMA Again
A low-volume Doji candle at this support indicates market participants’ uncertainty. This $19500 mark may likely bolster a minor bullish pullback to retest the $20600 mark as potential resistance.
If the selling pressure persists, the bitcoin price will continue its downfall to the $18800 accumulation zone.
Bollinger band indicator: with the $20600 breakdown, the coin holders lost this indicator’s midline, which indicates that sellers have trend control.
Relative strength index: the daily RSI slope nosedived below the mean line, and 20-SMA indicates a negative sentiment building up. However, concerning the price retest to $18800, bottom support and the daily and weekly RSI slope shows a significant divergence.
This divergence reflects a strong possibility of Bitcoin rebounding from $18800 support.
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