Bitcoin price analysis is really confusing because the market is torn between a potential base or a large base. However, the slight jump in price seems to be a halt for the bears as they seek to create cattle traps. The $ 20,000 psychological barrier does not instill much confidence in the bull camp.
Cows are currently stagnant near $ 21,900 as the US stock market recovers from the Federal Reserve cut. Global markets are recovering, and periods of recovery are causing a slight jump in asset prices. However, Altcoins are not expected to return soon. Bitcoin sellers seem to be on the decline because the technical indicators are deep red and show signs of reversing in the hourly charts.
Bitcoin price analysis in 24-hour chart: Cows are ready to cross the $ 21,500 border
As the Bitcoin price analysis shows, the price is close to the $ 21,000 resistance. Yesterday’s candlesticks are a step forward for small price jumps in the future. A bearish downtrend is likely to hit the market with a wave of uptrend, which is likely to push the price to $ 21,500 in hourly charts.
A 7% drop yesterday ensured that the daily price of the sole was close to $ 19400. Buyers have the opportunity to get on the wave and make a small profit on daily charts. Bitcoin price analysis shows that a concrete break could lead to a price move to the $ 17,000 floor because market forces are still definitely declining.
4-hour chart BTC / USD: Bitcoin is ready for a slight uptrend
The 4-hour chart shows an uptrend channel leading up to $ 21,000. The 20k support area has multiple purchase orders and possible returns are around the corner. An uptrend will certainly inspire hourly traders to make small bets. It also helps to reduce technical indicators too much.
The upward divergence in the RSI technical index based on bitcoin price analysis shows slight strength. Bollinger Bands’ divergent bands are also showing signs of failure as the price moves in a bullish price channel towards resistance at $ 21,280 in hourly charts. If the price does not cross the channel and reaches the $ 21,500 area, traders will probably turn to intensified sales, which will push the price towards the $ 17,000 area.
Conclusion Bitcoin Price Analysis: Bitcoin is ready for a slight uptrend
Repeated downtrends below $ 20,000 are leading current Bitcoin / USD traders into another trap. However, if navigated properly, a small jump can be a good opportunity for day trading. If the rebound is done correctly, the price can reach the level of $ 22,000 in a short time.
Bitcoin price analysis shows that the 20-day moving average is likely to dampen the uptrend and bring the price below $ 24,700. Traders should not expect to reach above $ 25,000 anytime soon as the 50-day moving average holds massive sell orders to protect the prevailing downturn ecosystem.
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.