BTC has $23,500; Time to quit?

Bitcoin price analysis indicates a sideways movement with a neutral bias. The price has traded in a narrow range in recent sessions, reflecting a restful mood among investors. As they look directionless near the critical resistance zone.

As of press time, BTC/USD is at $23,489.00, up 0.64% for the day. Trading volume fell more than 10% to $27.02 billion, with a market dominance of 40%.

• Bitcoin price is trading with small gains on Thursday.
• The price holds a key support level that makes bulls hopeful.
• However, a daily candlestick below $23,200 would mark the end of the upside momentum in the short term.

Bitcoin price turns hostile

On the daily chart, the Bitcoin price analysis implies caution before aggressive bids

BTC is trading in a “Rising Wedge” pattern. A rising wedge is generally a bearish signal as it indicates a possible reversal during an uptrend. The formation indicates the likelihood of downward momentum following a breakout through the lower trendline.

According to this pattern, if the price closes below the structured ascending support line, it will take a reversal to bearish momentum from bullish momentum.

The expected drop could be around $21,300, which also serves as a previous swing low, and a 50% Fibonacci Retrecamnet of the impulse move from $17,671 to $24,900 started from June 18 – August 11.

Volumes are falling, with rising prices, which implies a worrying. When the market is rising while volume is falling, the big money is not buying, more likely they are slowly exiting positions.

Furthermore, the price is facing rejection near $24,000 with indecisive candles, indicating that the buyer seems to be concerned about extending the gains. In addition, the BTC/USD pair takes a sharp decline around $25,000 and then continues to fall.

The real question is, will the major players have exited this recent move, and now again come selling?

If the price closes below $23,200, this bullish move will take a new course on the continuing trend of the long-term frame which is clearly “Bearish”.

The 4-hour chart on the same frequency

On the 4-hour chart, BTC is still making higher highs and higher lows, but the new highs are on just retection lights, not bullish, even a “Triple Top” pattern-like structure which is why a heavy sell-off is not happening yet. When the price breaks its last swing low, on the downside, we can expect a good fall.

Also read: Restricting crypto, here’s how the new rules affect you

On the other hand, a break above the $24,000 level could invalidate the bearish outlook. And the price could be over $26,200

BTC is bearish on all timeframes. Below $23,200 at the close of the hourly time frame, we can put a trade on the sell side.