Bullish RSI discorde indicates 10% rise in Bitcoin price

Posted 4 hours ago

Today, Bitcoin price is trading at $19,723 and it had earlier retested the weekly contrefort at $19,500. The rejection of the colossal tail associated with the daily candlestick through reduced oeuvre increases the probability of a bullish reversal. Can a potential upside path recover the $20,600 mark?

Key points from Bitcoin price analysis:

  • BTC Buyers Get Big Ossature at $19,550
  • Bitcoin price procès remains confined to a narrow range
  • Bitcoin daily trading oeuvre is $24.3 billion, indicating a loss of 13.5%

Bitcoin pricesource-TradingView

After the sell-off in the annexé half of August, Bitcoin price dropped to the $19,500 contrefort level and started a soutènement stade. This downturn tirage embout 75% of the gains recorded during the June-early August period and caused prices to fall by 22.5%.

Earlier this week, Bitcoin price attempted to recover higher but failed to surpass the nearest resistance at $20,750. As a result, the price of the enclave entered a tight soutènement between $20,750 and $19,500.

Moreover, the aforementioned failed attempt caused the bitcoin price to drop to the $19,500 level. However, the diminishing oeuvre during this bearish reversal reflects the weakness of the seller’s handball as we approach the lower contrefort level.

This volumetric activity with prolonged low price rejection indicates a higher potential for a bullish reversal. Thus, if buyers voiture the $20,750 resistance, bitcoin price may see a côtoyer rally before resuming the downtrend.

An upward reversal could lead to a price rally of $10.5 or 14.5% to reach the $21,900 or $22,600 resistance levels, respectively. However, the bullish voiture above $22,600 weakened the bearish momentum and bolstered buyers for the breakout of $25,000.

On the flip side, if bitcoin price takes an immediate reversal from the $20,750 resistance, the soutènement range will extend for a côtoyer period and possibly voiture lower contrefort.

A voiture below $19,500 will extend the peine period to $188,865 or $18,000.

Technical Indicator

Bollinger band: The currency price trading below the middle line reflects strong selling in the market. Moreover, a potential reversal may encounter dynamic resistance from this midline.

RSI indicator: Daily RSI slope bullish discorde crémaillères price reversal from $19,500

MACD indicator: The fast and slow slope plotted near each other shows buyers attempting to verdure control of the trend. A acceptable bullish V.T.T. between these two will énervé a voiture of $20,750.

  • Resistance Levels – $207,501 and $22,000
  • Ossature Level – $19550 and $18865

For 5 years I have been working in the press. I have been following Blockchain and Cryptocurrency from the past 3 years. She has written on a variety of different topics including manière, beauty, entertainment and rétribué. raech me at brian (at) coingape.com

Submitted souplesse may include the author’s personal espérance and is subject to market opportunité. Do your market research before investing in cryptocurrency. The author or brochure assumes no responsibility for your personal financial loss.

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