Can this Bullish Pattern Assist BTC Buyers in bottoming at $19500?
The BTC chart wobbling between the $20600 and $19600 barriers indicate a no-trading zone. Thus, the coin price wavering in this short range reflects uncertainty among market participants. What would happen once the price resolves this minor consolidation?
Key points from BTC analysis:
- The BTC chart shows the formation of a double bottom pattern in the four-hour time frame chart
- A bullish divergence in the daily-RSI chart shows rising bullish momentum
- The intraday trading volume in Bitcoin is $15.5 Billion, indicating a 27.58% loss
The V-top reversal in the BTC/USDT pair has plunged the prices to the $20321 mark and offset around 70% of the recovery gain investors collected in the June-July rally. After knocking out several support levels, the coin price plummeted to the local demand zone of 19500-$19300, registering a 21% loss.
Over the past four days, the BTC price has resonated between the aforementioned support and $20600 resistance forming a narrow price range. Today, the coin price is 3% up and showcases a reattempt to challenge the overhead resistance.
Also read: El Salvador’s Bitcoin Bond Faces More Delay, Here’s Why?
Resistance Trendline Maintains An Ongoing Correction.
The current consolation in BTC price shows a double bottom pattern support at the $19550 mark. Thus, under the influence of this bullish reversal pattern, the coin chart hints at a better possibility to breach the $20600 resistance and 7% higher to hit the $22000 mark.
On a contrary note, the BTC chart shows a new resistance trendline assisting sellers in extending the correction rally longer. Thus, the combined resistance of the downsloping trendline and $20600 put additional selling to prevent a bullish breakout.
Thus, the BTC is price moving in the no-trading zone, suggesting a breakout on either side is needed to confirm the following rally.
Technical Indicator
RSI: the daily-RSI slope reverted from the neckline of the oversold region indicates the traders actively buy if the prices seem to be trading at discounted rates.
EMAs: the downsloping EMAs(20, 50, 100, and 200) in the 4-hour chart suggest the sellers possess trend control. Moreover, the 50-day EMA acts as dynamic resistance to Bitcoin price
- Resistance level- $20600 and $22000
- Support levels- $19500 and $18600
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