The value of Bitcoin (BTC) has continued to wrestle in opposition to Tether (USDT) as bulls and bears are caught in a tug of warfare relating to the place Bitcoin value needs to be headed as we method the month-to-month shut. Bitcoin’s (BTC) value confirmed a lot steam, nevertheless it looks as if it was only a bull lure for a lot of traders and merchants. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Bitcoin’s (BTC) price has proven a lot energy attempting to carry above $19,500 up to now few days, with the worth bouncing instantly because it drops into the sub $19,800 on a number of events.
The value of BTC has continued to indicate energy, attempting to interrupt above $20,500 regardless of being rejected; the BTC value wants to interrupt this space performing as resistance for bulls to have the prospect of pushing the worth greater to a area of $22,000.
BTC is at the moment buying and selling under its resistance, stopping the worth from trending greater; if BTC can not break previous this resistance of $20,800, we may see the worth revisiting the help area at $19,000, performing as a requirement zone for many traders.
Weekly resistance for the worth of BTC – $20,800.
Weekly help for the worth of BTC – $19,000.
Price Analysis Of BTC On The Daily (1D) Chart
The value of BTC discovered its every day low at $19,500; as the worth bounced off from that area, BTC’s value has remained sturdy, buying and selling above $19,000, not permitting bears to take the worth decrease.
Despite being rejected not too long ago from the $20,500 mark, BTC value has proven nice bullish energy, not retesting the help area of $19,000 as this could favor bears.
The value of BTC is buying and selling at $20,100 under the every day 50-day and 200-day Exponential Moving Average (EMA).
The 50 and 200 EMA correspond to costs of $22,200 and $30,000, respectively, performing as resistances for the worth of BTC to development greater. If the BTC value breaks and holds above the $22,200 comparable to the 50 EMA, we may see the worth trending greater to $23,000.
If BTC’s value fails to interrupt above its resistances, then costs would discover extra momentum at its help of $19,000 and even decrease.
Daily (1D) resistance for the BTC value – $22,200, $30,000.
Daily (1D) help for the BTC value – $19,000.
Price Analysis Of BTC On The Four-Hourly (4H) Chart
The value of BTC on the 4H chart has continued to look bearish, attempting to carry above the help space at $19,000. BTC value at the moment trades under the 50 EMA on the 4H chart, with extra sellers prepared to push the worth decrease.
After forming a bullish divergence on the 4H chart as the worth was oversold, the BTC value bounced from $19,500 to $20,000, however the value was unable to interrupt above the 50 EMA, performing as resistance for the BTC value; the 50 EMA value corresponds to the help at $20,600.
The Relative Strength Index (RSI) for BTC on the 4H chart is under 50, indicating much less purchase order quantity for the BTC value.
BTC’s month-to-month shut would give us a broader view of the subsequent motion of Bitcoin value and the place the market is headed.
Four-Hourly (4H) resistance for the BTC value – $20,600.
Four-Hourly (4H) help for the BTC value – $19,000.
Featured Image From zipmex, Charts From TradingView.com 
