Bitcoin Struggles Within A Range, When To Expect A Breakout?
2022年7月16日 - 10:00AM
NEWSBTC
Bitcoin had previously succumbed to the bears and sank below the
$20,000 mark for a considerable period of time. At press time
however, the coin managed to rise above the $20,000 mark. Market
conditions are still fragile and BTC can again fall below the
$20,000 price level. Selling volume had increased which had caused
BTC to dip on its chart in the past. As Bitcoin continued to
oscillate between $22,000 and $19,000 for the past month, it is
imperative that the coin manages to trade above the $22,000 mark
for a considerable period of time for the bearish thesis to be
invalidated. Accumulation has also been low for the king coin, as
for most of this month, Bitcoin traded in oversold regions. Long
term traders might not be on the winning side, but short-term
traders can expect to make some profits. It is however, too soon to
say if Bitcoin is out of the intense volatility phase. Fluctuations
in price could again push BTC below its current trading level.
Bitcoin Price Analysis: Four Hour Chart BTC was trading for $20,800
at the time of writing. The coin has formed an ascending channel
within which it has been trading. It is too early to say if BTC has
successfully depicted a breakout. Price of BTC has to rise above
the $22,000 for this movement to be considered a breakout. Overhead
resistance stood at $21,000 and then at $22,000, respectively. A
fall from the present trading level will drag BTC to the $19,000
zone and then to $17,000. Amount of BTC traded declined
considerably, indicating that selling pressure has fallen on the
four hour chart. Technical Analysis BTC was moving upwards in an
ascending channel and the coin flashed increased buying pressure at
press time. The Relative Strength Index pictured recovery as the
indicator pushed itself upwards above the half-line indicating
falling selling strength. With continued buying momentum BTC can
invalidate its bearish momentum. The price of the asset was above
the 20-SMA which indicated buyers were driving the price momentum.
BTC was also above the 50-SMA and the 200-SMA which is considered
to be extremely bullish for Bitcoin. Related Reading | A Breakout
Above This Level Could Help Polkadot Recover On Chart BTC in
accordance with other indicators presented similar reading on the
Moving Average Convergence Divergence. MACD determines price
momentum and where the coin is headed, it underwent a bullish
crossover. Due to the bullish crossover, the indicator displayed
green signal bars which were buy signal for Bitcoin. Buyers acted
on it, which is why the coin displayed increased buying strength.
Parabolic SAR depicts price direction and dotted lines below the
candlestick point towards positive price direction. Related Reading
| TA: Bitcoin Price Could Surge To $22K, Why BTC Remains Supported
Featured image from UnSplash, chart from TradingView.com
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