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BTC Price Prediction: For nearly a week, the Bitcoin price has been wavering below the $28300-$28000 resistance level, showcasing signs of exhausted bullish momentum. This cluster of candles with higher price rejection attached to them indicates the buyers struggle to sustain above the $28000 mark and increase the possibility of price correction. Here’s what you can expect in Bitcoin’s upcoming downfall.
Key Points
- High supply pressure at $18300 resistance foretells a possibility of a bearish reversal.
- A bullish crossover between the 100-and-200-day EMA may encourage buying orders into the market.
- The intraday trading volume in Bitcoin is $23.5 Billion, indicating a 24% loss.
Source-Tradingview
The ongoing recovery in Bitcoin price has taken a major halt at the $28000-$28300 resistance and is trading sideways for nearly a week now. After an explosive rally witnessed in last week, a minor consolidation or retracement is justifiable as it recuperates the bullish momentum.
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The daily candle showcasing higher price rejection at $2800 indicates the sellers are defending this level, meanwhile, the coin price recently bounced back from $26700, indicating the buyers have not thrown in the towel yet.
Thus, if the FUD among market participants continues, the Bitcoin price may witness a prolonged consolidation within the above-mentioned levels. Thus, a daily candle closing above $18300 is needed to resume the prior recovery which may drive the prices to the $32000 mark.
On a contrary note, a breakdown below $26700 will encourage sellers for further corrections.
Technical Indicator
RSI(4-hour): Contrary to the sideways price action, the RSI slope moving lower indicates weakness in bullish momentum. This bearish divergence increases the possibility of longer correction.
EMAs: the daily EMAs(20 and 50) trying to chase the BTC price indicate the buyers rallied the bull run full throttle and therefore consolidation is needed.
Bitcoin Price Intraday Levels
- Spot rate: $28080
- Trend: Bearish
- Volatility: High
- Resistance levels- $28300-$28000 and $32000
- Support levels- $26700 and $2500
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/btc-price-prediction-heres-bitcoin-may-resume-bullish-rally/
