Will The Bitcoin (BTC) Price Stay Above $19,000 This week?

• Bitcoin price against USD struggles to escape $19,200 in a week. 
• Now the 20 hours exponential moving average acts like a resistance.
• Buyers are worried about retaining the BTC price above the $20K-red zone of volatility.

Bitcoin price often fails to maintain price stability in the volatility red zone of $20K. Holders are getting frustrated time and again due to the limited range of the market. Due to low price movement people started ignoring BTC prices even traders want big price momentum to make profit in intraday trading sessions.

BTC Price In 4 hour Chart

Undoubtedly the BTC price caught by the sellers but selling pressure is looking low for the past several days. In October, bears failed to close any daily price candle below the $19,000 mark so far. Today is 13 October and bulls barely manage to keep themselves far from any rapid price drop. Hence the BTC price is observing low volatility. 

Amid constant downtrend, BTC price noted a monthly low at $18860 level two days before, this low level flipped into support, and buyers might have placed their buying orders at this point. Cost recovery is likely at this point only for the short–term. Again Bitcoin price against USDT is facing selling pressure today, thus it is down 0.47% at the time while price stays at $19,066 Mark. 

Since 11 October, daily price candlesticks show inside candles,  this may help in recovery if buyers retain BTC price above $19K level. However, the 20 hours exponential moving average acts like a immediate support level either in 4 hours chart of daily. 

Buyers Need to Hold $19K Support

Despite the roller-coaster ride of Bitcoin, buyers have been shifting the low to higher sides. It seems buyers try to draw a bullish trendline from its annual bottom. Although, there is low volatility on behalf of three inside candles so far. 

The Daily RSI indicator slipped below 50 level, showing little weakness in BTC price. MACD indicator seems to be flat close to neutral level, but histogram is still favoring bears. 

Conclusion

Market leaders Bitcoin (BTC) price observes inside the previous daily candle in intraday trading session. Although technical indicators show negativity in BTC price, bulls try to maintain value above the $19k level in October month.

Resistance level- $20,000 and $22,500

Support level- $19,000 and $18,000

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)