• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
Bitcoin Price

Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels

anushsamal by anushsamal
5 months ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement
Advertisement

Bitcoin price was consolidating yesterday. However, the asset has moved north over the last 24 hours. The coin registered 2.2% appreciation.

The crypto has now moved away from the $18,200 support level, although the aforementioned level continues to act as strong support for the Bitcoin price.

The technical outlook also pointed towards the bulls not taking over in the market. Buyers are still not strong in the market despite a slight increase in the Bitcoin price.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin, even now, is consolidating between $18,000 and $24,000, respectively.

If the coin maintains the uptrend, then Bitcoin could aim above $19,600, which would bring the bulls back for the relief rally.

The asset also formed a descending wedge pattern, which is a sign of bearish price action. The global cryptocurrency market cap today is $968 billion, with a 1.1% positive change in the last 24 hours.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Bitcoin Price Analysis: One-Day Chart

Bitcoin Price
Bitcoin was priced at $1,949 on the one-day chart | Source: BTCUSD on TradingView

BTC was trading at $1,949 at the time of writing. The coin formed a descending wedge pattern, which was a sign of bearish strength. If the buyers don’t return to the market, then a fall to the $18,000 mark will be inevitable.

Overhead resistance for the coin stood at $21,000. If the bulls manage to break past that level, then the coin can rally over the next trading sessions.

Selling strength continues to dominate at the time of writing. A fall to the $18,000 price mark could again bring the Bitcoin price to $17,400.

Once BTC starts to drop to the above-mentioned level, the $16,000 to $14,000 price levels are also not far away for the asset. Over the last trading session, the amount of BTC traded increased slightly, signifying a slight rise in buying pressure.

Technical Analysis

Bitcoin Price
Bitcoin noted an increase in buying strength on the one-day chart | Source: BTCUSD on TradingView

The coin’s price had increased over the last 24 hours, and that slightly reflected the increase in the buying strength.

The Relative Strength Index depicted a rise and touched the half-line, which meant that the coin experienced an even number of buyers and sellers on the chart.

However, demand were to push the asset above the 20-SMA as BTC was seen below the 20-SMA. Currently, the indicator indicated that the sellers were driving the price momentum in the market.

Related Reading: Morgan Stanley Executive Predicts Bitcoin To Witness A Short-Term Rally
Bitcoin Price
Bitcoin displayed buy signal on the one day chart | Source: BTCUSD on TradingView

BTC’s upward movement was reflected on other indicators as well. The technical outlook showed that the buyers could return due to buy signals. This would mean that Bitcoin could continue to move north.

The Awesome Oscillator reads the overall price momentum and displays green bars, which are tied to a buy signal for Bitcoin.

Bollinger Bands show the price volatility and chances of price fluctuation. The bands were heavily tightened, which was a sign of an intense price movement over the next trading sessions.

Related Reading: Bitcoin Bear Market Not Turning Bullish Anytime Soon: Report
Featured image from UnSplash, Chart from TradingView.com
Tags: bitcoinbtcusdBTCUSDTcrypto
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

Bitcoin

Is Bitcoin’s Security at Risk? Experts Weigh In

4 hours ago
Best Betting Sites Not on Gamstop in 2023 Betbeard

Best Betting Sites Not on Gamstop in 2023 Betbeard

8 hours ago
Bitcoin Bull

Bitcoin Net Taker Volume Nears In On Bullish Crossover

12 hours ago
XRP

John E. Deaton Claims XRP Is The Top Altcoin With A Comeback Story

14 hours ago
Ethereum Layer 2

Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2?

16 hours ago
Bitcoin price

Bitcoin Price Reclaims $28,000 Territory Amid Mounting Market Pressures

16 hours ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • The Future Of The Crypto Industry And One Of Its...

    13 hours ago
  • Don’t Miss TMS Network (TMSN) 100x Growth Train; Algorand...

    16 hours ago
  • Riding The 2023 Bull: How Bitcoin, Ethereum, And SignUp...

    17 hours ago
  • Three Unique Top Presales To Buy in 2023: RobotEra...

    17 hours ago
  • Meta Masters Guild On Track to Become Web3’s Largest...

    18 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.