Bitcoin Price Faces Tough Resistance Despite Recovery On The Chart
16 October 2022 - 12:00PM
NEWSBTC
Bitcoin price continues to witness strong resistance around the
$19,400 mark. Over the last 24 hours, the coin depreciated by 2.9%.
At the beginning of this month, Bitcoin price had staged a brief
recovery but it was met with selling pressure. After the coin
started hovering near the $18,000 price mark, this level attracted
buyers on the chart. Soon after that, BTC moved up on its chart two
weeks ago. The technical outlook of the coin indicated that the
bears hadn’t given up yet. The bulls could return to the chart if
the coin broke past its immediate resistance mark. Buying strength
was lower on the chart, and only an increase in buying strength
could move BTC upwards. If the bulls manage to stick around over
the next trading sessions, then BTC can move above the $20,000
price mark. The chance to rally near the $22,000 price level also
can’t be called impossible once the bulls clear the $20,000 level.
Bitcoin Price Analysis: One-Day Chart BTC was trading at $19,190 at
the time of writing. The coin had witnessed significant resistance
at the $19,400 price mark. Moving past that level will help the
coin gain momentum to move near the $21,000 resistance mark. Once
Bitcoin price touches the $20,000 level, the bulls could help BTC
rally further. On the other hand, support for BTC was at $18,000
and a fall from that would push the coin to $17,400. If buyers
don’t resurface over the next trading sessions, a fall to the
$18,000 price zone looks likely. Over the past trading sessions,
the amount of Bitcoin traded dropped, indicating a slowdown in
buying pressure. Technical Analysis The coin depicted that as it
struggled to move above the immediate resistance, buyers started to
lose confidence and sellers took over. The Relative Strength Index
was parked below the half-line, which meant that buying strength
remained low on the chart. If buyers pick up the pace, then Bitcoin
can challenge its next price resistance level. In accordance with
the same reading, the price of the asset was below the 20-SMA line
and that was an indication that sellers were driving the price
momentum in the market at the time of writing. Related Reading:
Bitcoin Price Jumps 5%, Why Recent Breakout Seems Significant At
the time of writing, BTC was being dominated by the sellers
The coin started to display a sell signal, indicating that it could
be possible for the price to drop further. Moving Average
Convergence Divergence shows the price’s momentum and direction,
MACD underwent a bearish crossover and started to show tiny red
histograms, which were sell signal. Bollinger Bands depict the
volatility of the asset. The bands had completely narrowed, which
is an indication of explosive incoming price action. Related
Reading: Bitcoin Shakes Off Bears Following CPI Release, But Will
This last? Featured image from UnSplash, Chart: TradingView.com
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