Bitcoin Struggles At $19K, Is $17K The Next Target?
04 Luglio 2022 - 06:00AM
NEWSBTC
Bitcoin has been extremely choppy lately, the king coin lost 7%
over the last week. This marks the worst quarter for Bitcoin as the
coin shed close to 50% in the second quarter of this year. Post
June, the cryptocurrency has noted the worst bearish price action.
Over the last few days, BTC broke below the $20,000 mark and
touched the $19,000 level. Consistent fall on the chart can push
BTC to the next support line. Buying strength lowered considerably
pushing BTC to lower levels over the last 24 hour. The bulls tried
to revive on the chart and dragged the coin towards $22,000,
however, intense sell-off dragged the coin to $19,000. The critical
support level for the coin stood at $17,000 and as bears mauled
harder, the aforementioned level could be a possibility for BTC
over the upcoming trading sessions. The global cryptocurrency
market cap today is $914 Billion with a 0.3% increase in the last
24 hours. Bitcoin Price Analysis: Four Hour Chart BTC was trading
for $19,000 on the four hour chart. The coin previously traded at
the same level some weeks back and then tried to recover on the
chart. Resistance for BTC stood at $20,000 and then at $22,000. BTC
has witnessed stiff resistance at $22,000 as the coin struggled to
trade above the same for a considerable period. If BTC’s current
price momentum continues then $17,000 is just a matter of time.
Volume of Bitcoin traded declined significantly and the bar was in
red displaying bearishness on the chart. The selling pressure had
taken over in the market. Technical Analysis BTC registered dearth
of buying pressure in the market. The Relative Strength Index was
parked below the half-line, near the 40-mark. The indicator depicts
buying strength in the market. Although the indicator noted an
uptick, buyers had not regained confidence in the asset. The
Parabolic SAR demonstrates the price direction and trend reversal
of the cryptocurrency. The dotted lines above the candlestick
indicated bearishness and change of price direction in the market.
This signified negative price action for Bitcoin. Related Reading |
Why Bitcoin Could Return To $28,000, But By The End Of 2022 BTC
noted significant fall in buying strength but on the four hour
chart, the coin flashed buy signals. The Moving Average Convergence
Divergence, underwent a bullish crossover which meant that price
could pick up briefly on the chart. This formed green histograms on
MACD, this is tied to buy signal on the chart. Although the
indicator displayed a buy signal, buyers were still struggling in
the market. Bollinger Bands portray price volatility of the asset.
The narrowing of the bands are tied to upcoming chances of
volatility in the market. The technical outlook suggested that
price of BTC could fall further and aim for $17,000. Related
Reading | Can This Bitcoin Ratio Have Hints For A Bottom? Featured
image from Unsplash.com, charts from TradingView.com
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