/Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?

Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?

  • BTC price trades below key resistance as prices get rejected under daily EMA.
  • BTC’s monthly candle closes with so many mixed feelings ahead of October. 
  • The price of BTC must close above $21,500 to renew bullish sentiments.

The price action of Bitcoin (BTC) continues to toil with the emotions of traders and investors as it moves in an indecisive and uncertain fashion. Traders continue to speculate about what Bitcoin (BTC) holds for this new month of October. The price action and movements of Bitcoin (BTC) continue in its choppy, leaving most traders at loose ends due to an unstructured Bitcoin (BTC) price movement. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

Weekly BTC Price Chart | Source: BTCUSDT On Tradingview.com

Despite showing some fake movement of a bounce ahead of the monthly close, the price has found some rejection around $19,500 as the price struggles to break above.

The price of BTC retraced to a region of $18,700 but swiftly bounced from this region as price rallied to $19,300 but was faced with resistance to breaking above. BTC’s price needs to break and hold above $20,500 before it can resume bullish sentiment as the price trades at a key level.

BTC’s price needs to trade away from this region of $19,000 as a break below $18,100 could mean the price going to a low of $17,500 and even a low of $16,000.

Ahead of the weekly close, the price for BTC needs to close above $19,500 for a little bit of haven; a close below this range indicates exposure to more risk to go higher.  

Weekly resistance for the price of BTC – $19,500.

Weekly support for the price of BTC – $18,100.

Price Analysis Of BTC On The Daily (1D) Chart

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

On the daily timeframe, the price of BTC remains below key resistance as it attempts to break above higher levels, with the price being rejected on several occasions.

The price of BTC has shown strength, rallying from a low of $18,700, with the price attempting to break above the $20,500 daily price range but facing rejection as the price trades between $18,800-$19,500.

The price of BTC trades at $19,100 below the 50 and 200 Exponential Moving Average (EMA). The prices of $20,400 and $27,000 correspond to the prices at 50 and 200 EMA for BTC on the daily timeframe.

A break and close above $20,500 could see the price of BTC assume some bullish sentiment in October as many traders and investors anticipate a green October, which could spell a rally to a region of $24,000 or higher.

Daily resistance for the BTC price – $20,500.

Daily support for the BTC price – $18,100.

Featured Image From zipmex, Charts From Tradingview 
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