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Bitcoin Price Analysis: Another Winter for Bitcoin? Nightmare for bulls when Bitcoin hits $21k

 تاریخ انتشار :
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  Bitcoin

Bitcoin price analysis is firmly in bearish territory after the massive fall that took the BTC/USD price level to the $21,000 level. After days of waiting for any decisive move, the bears decided to strike first and dropped the price by 9% in one day. There is a bearish crossover in the 20-day and 50-day EMA.

btc usd
Source: Coin360

Bitcoin price technical analysis shows a continued selloff and points to a bearish rally. History seems to be repeating itself after three attempts to break above $24,000. A rising wedge pattern is to blame for BTC/USD’s sudden fall. It wouldn’t be surprising if Bitcoin hits $20,000 this weekend.

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Bitcoin price movement in the last 24 hours: the uptrend line was broken by the bears

After today’s fall, the price increase channel no longer has an upward slope. The support trendline has been broken and BTC/USD looks set to close below $21,500. Most stock markets are in the red after the US Federal Reserve announced it will raise interest rates in September at a much higher than expected rate.

btc 1d 2
Source: TradingView

A slight uptrend is expected to offset the massive fall, but the overall theme of the Bitcoin/USD pair remains bearish. If the selling continues over the weekend, the pair could test the $20,000 support zone. The bearish pattern continues on the daily charts as the price broke through the lower Bollinger band, which has now risen to the $19,000 area.

Bitcoin/USD 4-Hour Chart: Technical indicators paint a bleak picture

The price is much lower than the 20-day and 50-day EMA. Further price declines will only encourage bears to take large positions. The RSI is also moving below the 50 level, indicating more pain to come. Bulls are trying to defend near $21,000 but the bearish attack is strong. According to Bitcoin price analysis, the bullish price channel no longer exists to support long positions.

btc 4h 3
Source: TradingView

Based on Bitcoin price analysis, short-term day traders have booked profits and long-term investors are not actively participating in the market. The bullish price channel has a lower trendline where the price could stabilize near $21,500 for a few hours. However, it will only be a matter of time before the bears decide to take short positions near this area.

Bitcoin Price Analysis Conclusion: No Reversal Anytime Soon

Given the big fall and bearish macro sentiment, the pair will only move lower. Bulls expecting a recovery will only be disappointed. Bitcoin price analysis suggests that the pair will close above the $23,200 level where the bulls are waiting for the 20-day moving average.

A downward spiral could take the pair below the $20,000 psychological support over the weekend. Day traders are advised to avoid taking large buy positions.

Disclaimer. The information provided is not trading advice. Ramzifa.ir holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.