The value of Bitcoin (BTC) in current weeks has had a exceptional bounce and run from its low of $19,000, with many calling for a bull run. BTC’s value quickly confronted resistance and was rejected from the $25,200 mark because it fashioned a bearish rising wedge. The value of BTC broke out from the rising wedge, and BTC has struggled to carry off sell-off forward of its day by day (1D), weekly (1W), and month-to-month (1M) trilemma shut. (Data from Binance)
BTC Price Analysis On The Monthly Chart
From the chart, the worth of BTC noticed a bullish sentiment in July, with August wanting bullish in its early week.
After seeing a month-to-month low of $18,000 with what appears to be a excessive demand space, the worth of BTC bounced and rallied to a month-to-month shut of $24,400. The value noticed a rejection from $25,000 and has struggled to stay bullish as the worth heads into its month-to-month shut of August.
If BTC’s value closes beneath $19,500 on the month-to-month shut, we might see the worth going decrease; BTC’s value wants to carry and bounce from this key space to avoid wasting its value from going decrease.
Monthly resistance for the worth of BTC – $25,000.
Monthly help for the worth of BTC – $19,000.
Price Analysis Of Bitcoin On The Weekly (1W) Chart
The value of BTC discovered a weekly low of $20,800 as value rallied to a excessive of $25,200; BTC’s value has struggled to development greater as the worth was rejected from that area, falling to $20,800 performing as a help space for BTC value.
BTC’s value couldn’t maintain above this help of $20,800 because it flips it into resistance as value eyes a key space of help performing as demand for costs.
The value of BTC must bounce off this space and development greater to keep away from the worth from going decrease; if the BTC value fails to carry off sellers, we might see the worth of BTC buying and selling within the area of $19,000 and presumably decrease if this help space fails.
Weekly (1W) resistance for BTC value – $20,800, $25,200.
Weekly (1W) help for BTC value – $19,000.
Price Analysis Of BTC On The Daily (1D) Chart
The value of BTC on the day by day chart confirmed nice power, making an attempt to carry above help areas however was overpowered by bears as the worth fell from $25,200 to a area of $19,700 earlier than a fast bounce from the realm.
BTC’s value is presently buying and selling at $20,000, holding the worth from going decrease; with extra purchase bids, we might see the worth of BTC pushing a bit greater, the place it will face resistance at $20,800.
The value of BTC breaking this resistance at $20,800 might see value buying and selling greater to a area of $22,500-$23,000, performing because the resistance for BTC costs.
The Relative Strength Index (RSI) for BTC day by day chart is above 30, indicating extra promote orders for BTC.
Daily (1D) resistance for BTC value – $20,800, $23,000.
Daily (1D) help for BTC value – $19,000.
Featured Image From zipmex, Charts From TradingView.com
