- BTC price ranges below 50 and 200 EMA on the daily timeframe.
- Price continues to range in an asymmetric triangle during the four-hourly timeframe.
- BTC price closes the week bearish for two weeks as the price gets stuck between bulls and bears.
The price of Bitcoin (BTC) has seen more of a drawback than a rosy state this month as prices continue to decline against tether (USDT). September wasn’t a good month for the price of Bitcoin (BTC) as the market continued to stall in its movement to the upside. The statistics from the coupled Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) have affected the market negatively with hopes of a greener October. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
The price of BTC continues to stall in its price moving to an upside in the high timeframe as the past few weeks continue to show how difficult it has been trading in the financial market with no real chart pattern for a bullish structure.
After falling from a high of $25,000 with the price of BTC rejected on the weekly timeframe, the price has continued to go on a spiral downtrend movement with so much agitation not to break the weekly low of $18,100.
The price of BTC continues to hold a key support area of $18,000, which holds the key to either recovery or a breakdown in price in lower regions.
A break in the price above $19,300 could send the price of BTC to $20,000 as this area has become a strong resistance to the price of BTC. With the good volume and the Bulls defending this key yearly support region, we could get a bounce to a region of $20,000 as this support zone has become heavy and could break should negative news surface.
For the price of BTC to restore its relief, the price needs to break and hold above the $19,300 resistance preventing the price of BTC from trending higher. If the price of BTC keeps rejecting $19,300, we could see the price going lower.
Weekly resistance for the price of BTC – $19,300.
Weekly support for the price of BTC – $18,100.
Price Analysis Of BTC On The Four-Hourly (4H) Chart
In the 4H timeframe, the price of BTC continues to range in an asymmetric triangle and could signal a relief bounce on a low timeframe.
The price of BTC trades at $18,900 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $19,300 and $20,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC. The price of BTC needs to reclaim 50 EMA for a chance to trend to $20,000.
Four-Hourly resistance for the BTC price – $20,000.
Four-Hourly support for the BTC price – $18,700.
Onchain Analysis Of Bitcoin
Although many investors are holding BTC as the hope for a major bounce and relief across the crypto market, the price of BTC has seen more of a negative return on investment (ROI) for the past 30 days, with a drop of 5.1%.
Featured Image From zipmex, Charts From Tradingview and Messari