Bitcoin (BTC) despite showing bearish signs against Tether (USDT) as the price recently dropped to $18,500 with many traders and investors sweating on their long open position.
The price of Bitcoin (BTC) quickly rebounded from this region after forming a bullish divergence on the 4-hour chart and showing no intention of stopping. (Data from Binance)
Bitcoin (BTC) price analysis on a weekly chart
BTC price has had a tough time sustaining the bullish momentum it has shown in recent weeks as the price has been rejected from the $25,200 area for most sellers.
BTC tried to trend higher after seeing its price drop from the rising wedge as it triggered most of the sell orders, so the BTC price retested its previous all-time high, which worried many as the price could fall as low as $10,000.
BTC price could face a different scenario, but in this case, its trends are higher before the weekly close. Haven has rebounded quite well from the recent weekly low, and with a claim to support at $20,700, BTC could be poised for a big jump to $24,000-$25,000 if the weekly candle closes above $21,700.
BTC price looks bullish ahead of the weekly close and could move higher as the market looks promising ahead of the new week.
BTC continues to respect the descending trendline acting as resistance for BTC price on the weekly time frame; if BTC crosses this trendline, we could see more bullish sentiment.
Weekly resistance for BTC price – $24,000.
Weekly BTC Price Support – $20,700.
BTC price analysis on a daily (1D) chart
The daily timeframe for BTC price looks bullish, with prices looking to close the day and week at highs. BTC price rebounded from the daily low of $19,000 and the price rose to $21,600 where it faces resistance to break above this area.
BTC price needs to break above $21,600 and close above it to have a good chance to reach the expected $24,000. If the BTC price fails to break this region, we could see the price retest the $20,700 region, which was a good support area for the daily time frame.
On the daily time frame, BTC price is trading at $21,500 and is trying to break and hold above the 50 exponential moving average (EMA). The price of $21,600 corresponds to the 50 EMA, which is resistance to the price of BTC.
BTC is trying to break its main resistance on the daily time frame, which corresponds to 23.6% Fibonacci retracement valued at $22,000. The price of holding BTC above this region would lead to more bullish sentiment.
The Relative Strength Index (RSI) for BTC is above 50 on the daily chart, indicating high buy order volume.
Daily resistance for BTC price – $21,600.
Daily BTC Price Support – $20,700.
Featured Image From zipmex, Charts From