Published 25 mins ago
Bitcoin price analysis indicates bearishness in today’s session. As the price fell below the $23,000 mark, the price is trading with lackluster motion due to a lack of volatility. The total crypto market cap moved above $1 Trillion according to the CoinMarketCap.
- BTC’s price fell for the fifth straight session after a weak start to the new series.
- A fall below the 50-day EMA signifies the continuation of the downside movement.
- A daily candlestick above $23, 500 would invalidate any bearish argument.
As of writing, the largest cryptocurrency by market cap is trading at $$22,980, down 1.39% for the day. The 24-hour trading volume rose more than 14% to $27,438,288,578. It is a bearish sign.
BTC price extends downside momentum
BTC price is trading in a rising wedge pattern, a bearish continuation pattern. Currently, the price faces rejection near the higher levels around $23,850.Earlier, the price moved and closed above the 50-day moving average, but couldn’t sustain above and now started to fall below with a bearish candle. The volumes are also below average indicating that the price might ignore any bullish sentiment as of now.
A daily close below the critical $22,000 level would bring more losses to the coin. On moving lower, BTC sellers would target the low of July 27 at $21,045. Further, if the price is not able to sustain the mentioned level then it might ends up in trend reversal.
The daily chart shows BTC’s price faces a strong resistance hurdle from $23,230 to $23,350.
The RSI(14) breached below the midline with a bearish bias. Currently, it reads at 58.
Lack of volume and volatility shows that the large players are not active in the market. The BTC/USD pair is unable to breach the $24,000 barrier.
1-hour chart forms a bearish pattern
On the hourly time frame, the price formed a ‘Head & Shoulder’ pattern, indicating bearishness. According to this pattern, if the price descends below $22,600, then we can expect a further fall in the price. BTC price can test $22,400 followed by $22,000.
On the other hand, a break above the $23,500 level could invalidate the bearish outlook. This would mean the emergence of buying near the lower level and would aim for $24,000. The buying could motivate the BTC buyers to take out the $22,500 mark.
Bitcoin price analysis shows that the price is bearish in all time frames. Any uptick in the price could be capitalized to initiate a short position at least in the short term.
Share this article on:
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.