Bitcoin is trading above $20,800. Can the bulls stay in this area?

After weeks of flashing strong positive indications, bitcoin is currently trading at above $20,800 after reaching this price. The price of a bitcoin has recently dropped below $23,000.

The Price of Bitcoin Is Now Above $20,800

The price of Bitcoin has been unable to maintain its bullish structure, breaking below zones and leaving investors bewildered as it trades barely above the weekly key zone. This failure comes at a time when Bitcoin is trading slightly above the zone. We have witnessed an incredible shift from a bull market to a bear market.

Chart of Trade Activity for Bitcoin Every Week

Tradingview.com is the source for this chart of the weekly price of bitcoin.

According to the statistics, the price of BTC dropped to a weekly low of $22,800 before rebounding to a high of $25,200 after demonstrating significant indicators of recovery in recent weeks. This high was reached after BTC's price rose from its previous weekly low.

The weekly candle for BTC finished in a bullish position, but the next week's candle appeared bearish and displayed signs of deterioration in the market's strength.

The price is struggling to maintain a critical support level, but it has been unable to gain traction.

If the structure seen on the weekly chart for Bitcoin's price remains the same, the cryptocurrency's price may quickly return to the level of $20,800, which acts as significant support. The price of Bitcoin needs to maintain its position within this support zone in order to avoid going below $19,000.

The price of Bitcoin has encountered resistance at $22,500 on a weekly basis.

The price of Bitcoin has weekly support at the level of $20,800.

The price of bitcoin fell below a rising wedge as a result of fresh sell orders, shattering important support levels in the process.

Bitcoin's price has to bounce and create support above in order to prevent a sell-off of panic proportions below $20,800.

Bitcoin has shown resiliency by keeping its support; if bulls enter the market, we may see the price of BTC go upward to a zone of $22,500 that will operate as resistance.

BTC is trading at a price close to $21,300 at the moment, which places it somewhat lower than the 50 and 200 Exponential Moving Averages (EMA), which correspond to values of $23,000 and $28,000, respectively.

The Relative Strength Index (RSI) for the price of BTC is currently below 35 on the daily chart, which indicates that sell orders are prevalent.

The price of Bitcoin is expected to encounter resistance at $22,500 on a daily (1D) basis.

The price of Bitcoin is expected to find support at $20,800 per day (1D).

Price of Bitcoin: A Look Ahead to the Next Four Hours

The price of Bitcoin has continued to exhibit bearish behavior by trading below both the 50 and 200 exponential moving averages (EMA), with $23,000 acting as a barrier for the price.

If Bitcoin (BTC) is unable to maintain its price above the $20,800 support level, the price may retest the $19,000 support area as the next support area to hold Bitcoin's price. After the retracement, there would be a relief rally that would take place before BTC's subsequent move.


Orizu Ebube

1194 Blog posts

Comments
Ekene Mathias 13 w

Wow that's awesome

 
 
Humphrey Arinze Chukwu 13 w

This is Quite insightful