Oct 11, 2022
VOT Research Desk
Market Insights & Analysis
As historical technical levels remain firm, Bitcoin trades sideways.
Ahead of US inflation, the BTC/USD price declines.
Trading in the red for BTC, ETH, and ADA as risk appetite wanes
Currently, the price of bitcoin is fluctuating between two significant psychological thresholds, or $18,000 and $21,000, which have served as both support and resistance for both short- and long-term movements.
BTC/USD is trading in a range-bound situation as prices momentarily stabilize around $19,000 due to risk aversion and increased rates favoring the safe-haven US Dollar. The primary cryptocurrency is still susceptible to geopolitical uncertainties, therefore technical levels can act as another stimulus for price movement.
Technical Analysis
The weekly chart shows a sharp decrease from the 69,000-point peak in November 2021, which ignited a sharp sell-off that pushed prices as low as 17,592 in June. When this level and the December 2020 low of 17,569 were rejected, Bitcoin was able to recover before hitting another significant Fibonacci resistance level (the March–June 2022 advance) at 24,824.
Nevertheless, as selling pressure grew, a move back below the 200-week MA (moving average) gave bears the chance to push price action back below the 23.6% retracement of the 2020–2021 advance, which continues to operate as immediate resistance at roughly 19,225.
The daily chart emphasizes this confluence zone even further. Since the November high’s trend line resistance is still standing, bulls must pass both the 20,000 and 22,000 handle in order to return to the 24,000 level.
Bears might be able to retest the June low at 17,592 if prices stay below 19,225 and 19,000, which would signal a possible bearish continuation.
1 BTC =
$ 19,107.8
-164.9 -0.86%
|
Name |
S3 |
S2 |
S1 |
Pivot Points |
R1 |
R2 |
R3 |
|
BTC/USD |
43109.9 |
43423.9 |
43593.6 |
43907.7 |
44077.4 |
44391.4 |
44561.1 |
|
BTC/EUR |
8776.5 |
8776.5 |
8776.5 |
8776.5 |
8776.5 |
8776.5 |
8776.5 |
