Bitcoin Price May Revisit Its $18800 Accumulation Zone; Buy Again?

Published 30 mins ago

The Bitcoin daily technical chart accentuates an ongoing sideways rally. The $24500 resistance has acted as a growth limiter, registering the price action to reach higher levels. On the flip side, the $18800 provides bottom support for the range-bound rally. The Bitcoin price currently shows a reversal sign at the nearest support of $19500, and thus, the coin traders can witness a minor pullback before the prices continue their downfall.

Key points:

The $19500 support bolstered a 5% relief rally before the resumption of the prevailing downfall.
The coin holder lost 20-and-50-day EMA support with the recent price drop
The intraday trading volume in Bitcoin is $30.1 Billion, indicating a 22% loss

Source-Tradingview

The last bounce back from the $18800 support surged the Bitcoin price $20.2% higher to hit the $22600 barrier. However, the recent news of high CPI data caused a sharp sell-off in the crypto market on September 13th and tumbled the coin price by 9.5%.

The bearish engulfing candle breached the $20600, 20-and-50-day EMA altogether. Thus, the accelerated bearish momentum plummeted another 5% to reach minor support of $19500.

Also read: Here’s When Bitcoin (BTC) Price May Reclaim The 200-WMA Again

A low-volume Doji candle at this support indicates market participants’ uncertainty. This $19500 mark may likely bolster a minor bullish pullback to retest the $20600 mark as potential resistance.

If the selling pressure persists, the bitcoin price will continue its downfall to the $18800 accumulation zone.

Technical indicator

Bollinger band indicator: with the $20600 breakdown, the coin holders lost this indicator’s midline, which indicates that sellers have trend control.

Relative strength index: the daily RSI slope nosedived below the mean line, and 20-SMA indicates a negative sentiment building up. However, concerning the price retest to $18800, bottom support and the daily and weekly RSI slope shows a significant divergence.

This divergence reflects a strong possibility of Bitcoin rebounding from $18800 support.

Bitcoin Price Intraday Levels

Spot rate: $19663
Trend: Bearish
Volatility: Low
Resistance level- $22550 and $25000
Support level- $20800 and $18830

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.

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