Bitcoin (BTC) despite showing bearish signs against tether (USDT) as the price plunged to $18,500 recently, with many traders and investors sweating on their long open position.
The price of Bitcoin (BTC) quickly bounced off from that region after forming a bullish divergence on the four-hour chart and has shown no intention of stopping. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Weekly BTC Price Chart Source: BTCUSDT On Tradingview.com
The daily timeframe for BTC price looks bullish, with prices looking to close the day and week on a high. The price of BTC bounced off from a daily low of $19,000, and the price rallied to $21,600, where it is faced with resistance to breaking above this region.
The price of BTC needs to break above $21,600 and close above it to have a good opportunity of rallying to the expected $24,000. If the price of BTC fails to break this region, we could see the price retesting the region of $20,700, which has been an area of good support for the daily timeframe.
On the daily timeframe, the price of BTC is trading at $21,500, attempting to break and hold above the 50 Exponential Moving Average (EMA). The price of $21,600 corresponds to the 50 EMA, which is a resistance to the price of BTC.
With BTC looking to break its major resistance on the daily timeframe, this corresponds to the 23.6% Fibonacci retracement value of $22,000. The price of BTC holding above this region would lead to more bullish sentiments.
The Relative Strength Index (RSI) for BTC is above 50 on the daily chart, indicating high buy order volume.
Daily resistance for the BTC price – $21,600.
Daily support for the BTC price – $20,700.
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