Bitcoin price has successfully ranged above $21,700 after undergoing a bullish divergence in the early trading hours. The star crypto now appears to have nullified the bearish impact to a large extent as indicators are closer to a transition from bearish to bullish. However, the volume still remains the prime concern as no significant buying pressure is accumulated.
The crypto space is appearing to be uncertain, mainly due to the indecisive behaviour of the BTC price nowadays. Despite the technical flash bullish signals, the price movements do not substantiate the claim. Therefore, any upward push is believed to be provisional that may tend to drop soon.
A popular analyst maps the lows for the BTC price that it may hit before a notable bounce.
The analyst believes that the BTC price is raising forming higher highs and lows. But in the past couple of days, the trend remained more or less diagonal and hence indicates a new low may be on the horizon.
Earlier, the lower target for the asset was mapped at around $20,000, but the recent price slash has reduced the target to $17,000. However, these lows are assumed to be reached if the asset fails to hold the prior target.
Presently, the Bitcoin price is trading at $21,668, while the weekly RSI stands at 34. The Moving Average (MA) 20, 50 & 200 is placed at $26,917, $39,532 & 23,111 respectively. Interestingly, the Bollinger Bands also maintain a parallel trend with resistance at $40,084 and support at $13,751.
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Source: https://coinpedia.org/price-analysis/bitcoinbtc-price-prediction-btc-price-may-slide-below-20000-in-september-2022/