Bitcoin Taps $18,100, Why This Is Dangerous For The Market?
September 22 2022 - 10:30AM
NEWSBTC
BTC price tabs $18,100 for the second time as price respect weekly
downtrend. Price continues to trade below 50 and 200
Exponential Moving Average (EMA) on the daily timeframe. BTC
price bounced on the four-hourly chart after a bullish divergence
appeared. The price of Bitcoin (BTC) has had a rough week against
tether (USDT) as the price plummeted following the Federal Open
Market Committee news (FOMC). Following the news that the Federal
Reserve raised its target interest rate by 75 bps, the price of
Bitcoin (BTC) fell from $19,700 to a region of $18,100. (Data from
Binance) Related Reading: Solana Price Continues To Trade Laterally
With Signs Of Further Depreciation Bitcoin (BTC) Price Analysis On
The Weekly Chart The price of BTC continues to struggle to
keep its head afloat after seeing the weekly candle closing
bearish, with the new week looking more bearish ahead of the
expected FOMC meeting. BTC price tried showing some relief
bounce ahead of the new week as price moved to a region of $19,500,
but this bounce was cut short as the news of an increased rate hike
harmed the price seeing the price of BTC drop to previous all-time
high causing worry as this has been a strong support zone for the
price of BTC. If the price of BTC continues to tap this region of
$18,100, it will weaken the support, and we would likely revisit
lower support areas of $17,500-$16,000, acting as high-demand
zones. For BTC’s price to restore its bullish move, the price needs
to break and hold above $24,000 as the price has continued to
respect the downtrend resistance on the weekly chart preventing the
price of BTC from trending higher since falling from its all-time
high. The price of BTC is currently faced with resistance to
breaking above $19,500; If the price of BTC fails to break and hold
above this support zone, we could see the price going lower to its
$18,100 support and lower if this support fails to hold off sell
orders. Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,000-17,500. Price
Analysis Of BTC On The Daily (1D) Chart The daily timeframe for BTC
prices continues to move in range in an asymmetric triangle; the
price of BTC needs to break out of this range with good volume for
the price to trend to a high of $20,800. On the daily
timeframe, the price of BTC is currently trading at $18,900 below
the 50 and 200 Exponential Moving Average (EMA), acting as
resistance for BTC price. The price of $20,800 and $28,000
corresponds to the resistance at 50 and 200 EMA for the price of
BTC. The price of BTC needs to reclaim 50 EMA for a chance to trend
to $22,000. Daily resistance for the BTC price – $20,800. Daily
support for the BTC price – $18,100. Related Reading: Bitcoin Dumps
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