Bitcoin price analysis today is in favor of the uptrend as BTC cows have recovered the price up to $ 20,570. Today, the price of the Bitcoin / Dollar pair improved from $ 19856 to $ 20,570. The sell-off is expected to re-emerge near $ 20,700 as the mark is still in the downtrend range. Despite the fact that the price of BTC is moving upwards today, the price should reach the range of $ 26,000 in the next two or three trading sessions in order to consider it a good uptrend. At present, it is not possible to say with certainty that BTC has found its support floor.
1-day Bitcoin / Dollar price chart: Bitcoin reports 1.76% improvement in price value
The overnight price chart for Bitcoin price analysis shows the uptrend as the BTC / USD price has improved to $ 20,570 at the time of writing. Since the cows are in the lead and no downward obstacles have been observed yet. Despite the price increase and the 1.76% increase in bitcoin / dollar in the last 24 hours, the trading volume has not increased much and has increased only 1.44% and the coin will lose 5.25% if observed in the past. Week
As the Bollinger Bands show, the volatility is high, but this indicator shows a downtrend as both ends move downwards, indicating a drop in prices in the coming days. The upper band is at $ 33844, which indicates resistance for BTC, and the lower band is at $ 15,732, indicating the lowest support for the BTC / USD pair.
Another factor is the Relative Strength Index (RSI), which has just entered the neutral range and is in index 31, just above the border line of the low-selling area. The RSI has remained in the low buy area since June 12, 2022, but since it has now entered the neutral range, its curve is also bullish and indicates buying activity in the market.
The price was higher than its moving average (MA), which is at $ 20,521. SMA 20 continues to trade below SMA 50, which indicates the prevalence of downward pressure.
Bitcoin Price Analysis: Recent Developments and More Technical Signs
The 4-hour price chart for Bitcoin price analysis further confirms the uptrend as it shows a steady increase in price since the beginning of today’s session. Green candlesticks have still appeared in the last 12 hours. But as the 4-hour chart shows, the price has moved above the Bollinger Bands average and the sell-off can enter whenever the price approaches the resistance area.
The volatility is relatively low because the Bollinger Bands cover a smaller area and have maintained a narrow channel over the past few days. The upper band, which is $ 21,286, indicates resistance, and the lower band, at $ 1,722, now indicates hourly support for BTC. The RSI is still moving up in the 4-hour chart, which is a sign of hope.
General technical indicators for bitcoin price analysis are supportive of sales, as 14 technical indicators support bitcoin selling decisions, including MA, EMA, and MACD. In contrast, only two technical indicators of movement and moving average of the body are in favor of buying BTC assets. Therefore, the weight of the majority is on the downside. However, 10 technical indicators are neutral and do not benefit any of the market participants.
Bitcoin Price Analysis: Conclusions
The current analysis of the Bitcoin price shows that the price is moving in an upward direction, but if the downward pressure continues, the cows may get tired soon. If the buying speed continues, Bitcoin will probably reach the range of 22,000. On the other hand, modification up to $ 19,000 is possible.
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