TA- Bitcoin (BTC) Unable To Hold Above $24,000 Ahead Of Bearish Signs

2022-8-17 15:30

The price of Bitcoin BTC has struggled to hold above $24,700 against Tether (USDT) after being rejected from that region. 

Bitcoin in recent times has shown bullish signs after rallying to the $24,000 mark, with many investors speculating this could be the start of the bull run. The price of BTC was rejected from $25,200 and has struggled to reclaim that region.

Bitcoin (BTC) Price Analysis On The Weekly Chart Weekly BTC Price Chart | Source: BTCUSDT On Tradingview.com

From the chart, the price of BTC saw a weekly low of $19,000, which bounced from that area and rallied to a price of $25,200, making six straight weeks of bullish sentiments.

BTC’s weekly candle closed with a bullish sentiment, but the new week’s candle tends to look bearish, indicating we could have a minor retracement to the next support area of $21,500.

The price has struggled to build more momentum as it faces resistance at $24,000.

If the price of BTC on the weekly chart continues with this structure, it could quickly revisit  $21,500, acting as good support for the price of BTC.

Weekly resistance for the price of BTC – $24,000.

Weekly support for the price of BTC – $21,500.

Price Analysis Of Bitcoin On The Daily (1D) Chart Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

The price of BTC found strong support at $22,443, with what seems to be an area of interest on the daily chart.

BTC bounced from its support and rallied to $25,200, where it was faced with resistance and was rejected from that region.

The price of BTC has continued to range in a rising wedge after being rejected from the $25,200 mark. Breaking out of this rising wedge to the downside could mean a retest of the $21,500 support area. 

At the point of writing, the price of BTC is at $23,800, narrowly above the 50 Exponential Moving Average (EMA), which corresponds to $23,400.

BTC needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BTC to $21,500.

The Relative Strength Index (RSI) for the price of BTC on the daily chart is above 50, but there is a break to the downside on the uptrend line holding the RSI, indicating we could be due for a retracement.

Daily (1D) resistance for BTC price – $24,000.

Daily (1D) support for ETH price – $23,400, $21,500.

Price Analysis OF BTC On The Four-Hourly (4H) Chart Four-Hourly BTC Chart | Source: BTCUSDT On Tradingview.com

The price of Bitcoin BTC is having a hard time holding above the 50 and 200 EMA prices that correspond to $24,000 and $23,200.

On the 4H timeframe, the 50 EMA is acting as a resistance for the price of BTC after breaking out of the rising wedge in which prices have ranged.

The 200 EMA would act as support for BTC price in case of a sell-off. If BTC fails to hold this support region, we could retest the region of $21,500 as the next support area to hold BTC’s price.

Four-Hourly (4H) resistance for BTC price – $24,000.

Four-Hourly (4H) support for BTC price – $23,200, $21,500.

Featured image from AAX, Charts from TradingView.com

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