NewsletterBitcoin Price Should Escape Uncertainty With This Resistance Breakout
The short-term trend for Bitcoin price is sideways, where it wobbles between the $24500-$18350 barrier. During the consolidation, the coin price has repeatedly retested the bottom support, validating it as a strong accumulation zone. Amid the recent sell-off in September, the BTC price dropped to the $18350 mark, trying to replenish the bullish momentum.
Key points:
- Steady growth in volume activity during the recent downfall indicates an established downtrend
- The 20-day EMA at $19600 sets an additional barrier against buyers.
- The intraday trading volume in Bitcoin is $32 Billion, indicating a 20% loss.
Source-Tradingview
On September 19th, the Bitcoin price retested the $18350 support for the fourth time in the last three months. Since then, the coin buyers have made several attempts to bounce off this support, but the widespread negative sentiment in the market has limited its growth.
Thus, the Bitcoin price resonated between the $19600 and $18350 mark over the past two weeks. This narrow range reflects uncertainty among market participants and a no-trading zone. Moreover, the long-wick rejection at $19600 resistance indicates the traders are actively selling at higher levels.
The coin price currently trades at $19330 and shows $0.47 intraday.
Anyhow, a consolidation phase after a directional drop usually leads to the resumption of prevailing downfall. Therefore, once the coin price gave a daily candle closing below the $18300 mark, the coin holder may witness a 7% drop to $ hit $17000 support.
However, if the market sentiment improves, the coin price could breach $19600, offering an early sign of recovery. Moreover, the buyers would need to surpass the combined resistance of $20800 and the resistance trendline to obtain a safe entry.
Technical Indicator
Relative Strength Index: the daily-RSI chart shows an evident bullish divergence concerning the recent retests to the $183500 support. This divergence reflects the rising bullish momentum at this support which bolstered the $19600 breakout.
EMAs: the downsloping crucial EMAs(20, 50, 100, and 200) project the overall market trend is strongly bearish. Moreover, the 20-day EMA acts as a constant resistance and could assist sellers in plummeting the Bitcoin price lower.
Bitcoin Price Intraday Levels
- Spot rate: $19332
- Trend: Sideways
- Volatility: High
- Resistance level- $19600 and $20600
- Support level- $18000 and $16500
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
