Can Rising Bitcoin Price Break The Accumulated Resistance At $20800?
Concerning the $25000 and $18800 barrier, the Bitcoin price is wobbling in a range-bound rally. However, amid the recent correction, the coin price has recently retested the bottom support and started showing some reversal signs. A bullish reversal from this support should set a bull run to hit $25000 resistance, with in-between hurdles as $20800 and $22550.
Key points:
- The bitcoin price chart shows a high momentum reversal from the $18500 support.
- Interested traders should wait for the Bitcoin price to breach the triangle pattern barriers before they position their funds.
- The intraday trading volume in Bitcoin is $22.6 Billion, indicating a 35% loss.
Source-Tradingview
Last week, the Bitcoin price showcased multiple retests to the bottom support zone around $18500. In addition, these retest candles showed several lower price rejections indicating the traders are actively buying at this support.
As a result, the coin price rebounded from this support with a morning star candle. Previously, when the prices bounced back from this support, the coin traders witnessed the recovery of July-August and September first half.
Thus, the recent reversal from this support has surged the Bitcoin price by a 7.8% high in the last two days. A significant pump in volume activity reveals a genuine reversal which may soon hit the $20800-20500 resistance zone.
Moreover, a new resistance trendline interest at the $20800 horizontal level creates an area of interest for sellers. This concentrated resistance could attract strong selling activity and turn down the prices lower.
Thus, the potential downfall could dump the prices back to the $18500 bottom support zone.
On a contrary note, if the buyers managed to break and give a candle closing above the $20800 mark, the Bitcoin price could reach the higher resistance levels of $21850 and $22565.
Technical Indicator
RSI: Following an evident bullish divergence, the daily-RSI slope jumps above the neutral line, indicating growth in underlying bullishness
EMAs: the 50-day EMA wavering at the $20800 resistance offers an additional barrier against potential recovery.
Bitcoin Price Intraday Levels
- Spot rate: $20231
- Trend: Bullish
- Volatility: Low
- Resistance levels- $20800 and $21850
- Support levels- $18500 and $16500
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