- BTC price dropped to $18,100 for the second time as the price respected the weekly downtrend.
- The price continues to trade below the 50 and 200 exponential moving averages (EMA) on the daily time frame.
- BTC price rebounded on the 4-hour chart after a bullish divergence emerged.
Bitcoin (BTC) price has had a tough week against Tether (USDT) as the price fell sharply following the Federal Open Market Committee (FOMC) reports. The price of Bitcoin (BTC) fell from $19,700 to the $18,100 area following the news that the Federal Reserve raised its target interest rate by 75 bps. (Data from Binance)
Bitcoin (BTC) price analysis on a weekly chart
The price of BTC continues to struggle to keep its head above water after seeing a bearish candle close to the week, with the new week looking more bearish ahead of the expected FOMC meeting.
The price of BTC tried to show some relief rebound before the new week when the price moved towards the $19,500 area, but this jump was aborted as the news of increased rate hikes hurt the price and the price of BTC fell to the previous all-time high. is cause for concern as this has been a strong support zone for BTC price.
If the price of BTC continues to move in this region of $18,100, it will weaken the support and we would likely revisit the lower support areas of $17,500-$16,000 which would act as high demand zones.
For BTC price to resume its bullish movement, the price needs to break and hold above $24,000 as the price continues to respect the downtrend resistance on the weekly chart, preventing BTC price from rising from its all-time high.
BTC price is currently facing resistance to break above $19,500; If the BTC price fails to break and hold above this support zone, we could see the price drop to the $18,100 support and below if this support fails to contain the sell orders.
Weekly resistance for BTC price – $19,500.
Weekly BTC Price Support – $18,000-$17,500.
BTC price analysis on a daily (1D) chart
The daily time frame for BTC prices continues to range within a year asymmetrical triangle; the price of BTC needs to break out of this range with good volume for the price to climb to a maximum of $20,800.
On the daily time frame, BTC price is currently trading at $18,900 below the 50 and 200 exponential moving averages (EMA), which acts as resistance for BTC price. The price of $20,800 and $28,000 correspond to the resistance at the 50 and 200 EMA for the price of BTC. BTC price needs to retrace the 50 EMA to have a chance to reach the $22,000 trendline.
Daily resistance for BTC price – $20,800.
Daily support for BTC price – $18,100.
Featured Image From Quit falling, Charts From Tradingview