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The Bitcoin price falling for three consecutive days registers a 6.5% loss. With sustained selling, the prices could drop another 3.8% to retest the $16000 support. With the panic in the crypto market easing, can buyers trigger a new recovery phase?
Key points:
- Low volume downfall to towards the $16000 support increasing the change for bullish reversal
- The daily-RSI slope escaped from the oversold region.
- The intraday trading volume in Bitcoin is $24.9 Billion, indicating a 32% drop
Source-Tradingview
A massive breakdown from the last 2022 bottom support of $18400-$18250 indicated the crypto market could prolong the ongoing bearish trend it initiated last year. As a result, Bitcoin’s market value is 75.93% down from the All-Time high of $68,789 and currently trades at $16578.
Currently, the coin price is down 1.43% and is gradually approaching the $16000 psychological support. However, the decreasing volume indicates the ongoing downfall has weak bearish momentum. Thus, if the crypto market does not witness any adverse event, the prices will likely revert from the $1600 support.
Thus, the coin could witness a minor relief rally to the $18200 flipped resistance in its attempt to replenish bearish momentum. If the sellers manage to sustain below the $18200 mark, the post-retest could even break below the $1600 mark.
On a contrary note, a breakout above the $18400 resistance will hint the last correction was mainly extended by panic selling in the market. Thus reclaiming the aforementioned level could drive the price to $20800 barriers.
Technical. Indicator
Relative Strength Index: A bullish divergence in the daily-RSI slope indicates that the buying activity is rising at around $16000.
EMAs: the downsloping crucial EMAs signal an overall downtrend in Bitcoin price; Moreover, these EMAs could offer significant resistance for any pullback.
Bitcoin Price Intraday Levels
- Spot rate: 19855
- Trend: Bullish
- Volatility: medium
- Resistance level- $20800 and $22000
- Support level- $20350-$20300 and $1860
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.
Source: https://coingape.com/markets/bitcoin-price-analysis-hints-a-revisit-to-18200-mark-should-you-buy/