The price of Bitcoin (BTC) has continued to struggle against Tether (USDT) as bulls and bears are caught in a tug of war regarding where Bitcoin price should be headed as we approach the monthly close. Bitcoin’s (BTC) price showed so much steam, but it seems like it was just a bull trap for many investors and traders. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Bitcoin’s (BTC) price has shown so much strength trying to hold above $19,500 in the past few days, with the price bouncing immediately as it drops into the sub $19,800 on several occasions.
The price of BTC has continued to show strength, trying to break above $20,500 despite being rejected; the BTC price needs to break this area acting as resistance for bulls to have the chance of pushing the price higher to a region of $22,000.
BTC is currently trading below its resistance, stopping the price from trending higher; if BTC cannot break past this resistance of $20,800, we could see the price revisiting the support region at $19,000, acting as a demand zone for most investors.
Weekly resistance for the price of BTC – $20,800.
Weekly support for the price of BTC – $19,000.
Price Analysis Of BTC On The Daily (1D) Chart
The price of BTC found its daily low at $19,500; as the price bounced off from that region, BTC’s price has remained strong, trading above $19,000, not allowing bears to take the price lower.
Despite being rejected recently from the $20,500 mark, BTC price has shown great bullish strength, not retesting the support region of $19,000 as this would favor bears.
The price of BTC is trading at $20,100 below the daily 50-day and 200-day Exponential Moving Average (EMA).
The 50 and 200 EMA correspond to prices of $22,200 and $30,000, respectively, acting as resistances for the price of BTC to trend higher. If the BTC price breaks and holds above the $22,200 corresponding to the 50 EMA, we could see the price trending higher to $23,000.
If BTC’s price fails to break above its resistances, then prices would find more momentum at its support of $19,000 or even lower.
Daily (1D) resistance for the BTC price – $22,200, $30,000.
Daily (1D) support for the BTC price – $19,000.
Price Analysis Of BTC On The Four-Hourly (4H) Chart
The price of BTC on the 4H chart has continued to look bearish, trying to hold above the support area at…
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