- Bitcoin is up again after a successive dip that took it to lows of $18,000.
- The king coin touched $19,260 today after a period of bearish streak.
- An uptrend is likely to form if BTC closes the day and week above $19,500.
Bitcoin price analysis indicates the cryptocurrency is in a descending triangle. BTC dipped below the $19,000 support on 21 September and quickly fell to lows of around $18,000. The sell-off was sharp and intense, with prices dropping over 5% in a matter of hours. BTC managed to find some buyers at the $18,000 level and has since made a small recovery.
BTC/USD daily chart, source:Coinmarketcap
At the time of writing, BTC is trading at $19,239.77, which is still well below the descending triangle support. The $19,500 level is also critical from a technical perspective. A close below this level could trigger more selling in BTC and push prices towards the $17,000 level.
Bitcoin price analysis finds the price is currently close to the 200-day moving average. BTC will need to move above the $19,500 level to gain some upside momentum in the near term.
The MACD on the daily chart is currently flat and there is no major bullish or bearish divergence. The RSI is also close to the 50 level, which indicates that the market is currently neutral.
The market will have to break the $19,500 level to get some upside momentum going. A move below the $18,000 level could see BTC falling towards the $17,000 support in the near term.
BTC/USD daily chart,source:TradingView
The market volatility is getting intense as BTC nears the $20,000 level. The next few days are critical for the king coin and its short-term future. The Bollinger bands have started to contract on the daily chart, which indicates that a period of low volatility is about to end.
The $19,500 and $20,000 levels are likely to act as strong resistance levels in the near term. A break above these levels could see BTC rallying towards the $22,000 level.
On the other hand, a move below the $18,000 level could see BTC falling towards the $17,000 support. The market is likely to find some buyers around this level.
In conclusion, BTC is currently stuck in a range between $18,000 and $20,000. The next move will likely set the tone for the near-term direction of the market.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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