Bitcoin price analysis is deeply entrenched in the bearish territory as selling accelerated in the past 24 hours. Traders looking to recoupe losses with minor profit taking are being hit hard by sellers who are converting every rally in to a selling opportunity. Currently, BTC/USD pair is trading just shy of $19,000 level with a strong bearish outlook.
A repeat of June 19 lows is on the cards as the pair is unable to bounce back towards $21,000 level. Bitcoin price analysis shows that the failure to reclaim $21,000 level shows significant weakness on the bullish side. The inability to reach the 200-day moving average further consolidates the extremely bearish outlook for the most popular cryptocurrency.
Bitcoin price movement in the last 24 hours: Minor rally converted into a selling opportunity
Bitcoin price analysis shows that a lack of momentum near $19,700 zone meant that bears had the perfect opportunity to create another selling frenzy. The BTC/USD pair dived towards $18,936 region with candlestick charts demonstrating more weakness in the coming few hours. Hopes of any relief rally towards $21,000 area are dashed.
The technical indicators on the daily charts show weakness as per Bitcoin price analysis. The RSI is well below 30 level which means the pair is reaching oversold zone but the indicator is still diving lower meaning there’s more pain in the store. Also, the large red candles on the daily charts signifies more bearish outlook. The lack of Doji candle means that the bulls are nowhere in the picture.
BTC/USD 4-hour chart: Sideways movement with downward spiral
The descending price channel on the hourly charts affirms the bearish viewpoint. The Bitcoin price analysis shows that the pair is well below the 9-day moving average. The Bollinger Bands are not turning narrow as the pair moves lower with each passing hour. The RSI on the hourly charts has reached an abysmal low of 23 which represents deep red territory.
The MACD indicator on the hourly charts shows no turn around as the pair is not willing to turn the tables. The bulls need to muster huge volumes to stabilise the current downward trajectory. The Bolling Bands are wide but trading sideways with little chances of expanding. Even if they do, chances are they will help move the pair towards lower targets of $18,000 first, and then towards $17,300.
Bitcoin price analysis conclusion: There’s no point fighting the trend
Betting against the current downward trend would be akin to ‘catching a falling knife’. Traders willing to go long at this point need to exercise huge caution and not take sufficiently big bullish positions. Also, the first resistance lies at $19,637 where bears would attempt another round of selling. On the contrary, there’s massive support at $17,620 region where the pair is likely to rest for a temporary bottom.
In case the $17,600 support breaks, there are chances that the pair will slip towards $15,000 level. A fall towards $15,000 level would break the psychological support and can trigger massive liquidations amongst HODLers and institutional investors alike.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-06-30/