TA- Bitcoin (BTC) Unable To Hold Above $24,000 Ahead Of Bearish Signs
The price of Bitcoin BTC has struggled to hold above $24,700 against Tether (USDT) after being rejected from that region.
Bitcoin in recent times has shown bullish signs after rallying to the $24,000 mark, with many investors speculating this could be the start of the bull run. The price of BTC was rejected from $25,200 and has struggled to reclaim that region.
The price of BTC found strong support at $22,443, with what seems to be an area of interest on the daily chart.
BTC bounced from its support and rallied to $25,200, where it was faced with resistance and was rejected from that region.
The price of BTC has continued to range in a rising wedge after being rejected from the $25,200 mark. Breaking out of this rising wedge to the downside could mean a retest of the $21,500 support area.
At the point of writing, the price of BTC is at $23,800, narrowly above the 50 Exponential Moving Average (EMA), which corresponds to $23,400.
BTC needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BTC to $21,500.
The Relative Strength Index (RSI) for the price of BTC on the daily chart is above 50, but there is a break to the downside on the uptrend line holding the RSI, indicating we could be due for a retracement.
Daily (1D) resistance for BTC price – $24,000.
Daily (1D) support for ETH price – $23,400, $21,500.
Price Analysis OF BTC On The Four-Hourly (4H) Chart
The price of Bitcoin BTC is having a hard time holding above the 50 and 200 EMA prices that correspond to $24,000 and $23,200.
On the 4H timeframe, the 50 EMA is acting as a resistance for the price of BTC after breaking out of the rising wedge in which prices have ranged.
The 200 EMA would act as support for BTC price in case of a sell-off. If BTC fails to hold this support region, we could retest the region of $21,500 as the next support area to hold BTC’s price.
Four-Hourly (4H) resistance for BTC price – $24,000.
Four-Hourly (4H) support for BTC price – $23,200, $21,500.
Featured image from AAX, Charts from TradingView.com