Bitcoin Price Sitting On Gunpowder Will It Explode?
- BTC price is trading below the key resistance as prices are rejected below the daily EMA.
- BTC’s monthly candle closes with so many mixed emotions ahead of October.
- The price of BTC needs to close above $21,500 to renew bullish sentiments.
The price action of Bitcoin (BTC) continues to struggle with the sentiments of traders and investors as it moves in an indecisive and uncertain manner. Traders continue to speculate about what Bitcoin (BTC) has in store for this new month of October. Bitcoin (BTC) price action and movements continue to be choppy, leaving most traders at a loss due to an unstructured Bitcoin (BTC) price movement. (Data from Binance)
Bitcoin (BTC) price analysis on the weekly chart
Despite showing some false moves of a bounce before the monthly close, the price has been rejected around $19,500 as the price struggles to break above.
The price of BTC went back to a region of $18,700, but quickly bounced from this region as the price rose to $19,300, but was met with resistance to break above. BTC’s price needs to break and hold above $20,500 before it can resume bullish sentiment as the price trades at a key level.
BTC’s price needs to be traded away from this $19,000 region as a break below $18,100 could mean the price goes to a low of $17,500 and even a low of $16,000.
Ahead of the weekly close, the price of BTC needs to close above $19,500 for a small sanctuary; a close below this range indicates exposure to more risk going higher.
Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,100.
Price analysis of BTC on the daily (1D) chart
On the daily time frame, the price of BTC remains below the key resistance as it tries to break above higher levels, and the price is rejected on several occasions.
The price of BTC has shown strength, rising from a low of $18,700, with the price attempting to break above the daily price range of $20,500, but facing rejection as the price trades between $18,800-$19,500.
The price of BTC is trading at $19,100 below the 50 and 200 exponential moving average (EMA). The $20,400 and $27,000 prices correspond to the 50 and 200 EMA prices for BTC on the daily timeframe.
A break and close above $20,500 could see the price of BTC assume some bullish sentiment in October as many traders and investors expect a green October, which could mean a rally to the $24,000 region or higher.
Daily resistance for BTC price – $20,500.
Daily support for BTC price – $18,100.
Featured Image From NBTC, Charts From Tradingview
