Bitcoin price is now trading below $19,000 after the bulls failed to defend the coin at the previously mentioned level.
In the last 24 hours, BTC has decreased by 1.2%, indicating that the coin has been trading sideways. In the past week, the price of Bitcoin has fallen by 6%.
Buying strength remains low on the intraday chart. Sellers took over, and it’s been the same for a week.
If the price of Bitcoin continues in this direction, the coin may fall into an immediate support zone.
The bulls should come from buyers who should defend BTC at current price levels. The coin’s support zone is $18,500-$18,000.
A fall from that level would send bitcoin back below $17,000. The property may drop to $16,000 and then, to the $14,000 level. Buying recent strength will push BTC deeper on the 24-hour chart.
Bitcoin Price Analysis: One Day Chart
BTC was trading at $18,600 at the time of writing. The coin’s immediate resistance was at $19,000, and the bulls could not defend the coin’s price at this price level for several weeks.
If the price of Bitcoin manages to break above $20,000, the bulls may take charge. The coin’s closest support line was $18,000.
Falling below means that BTC will touch $16,000 and then $14,000. The volume of Bitcoin traded in the previous session has decreased, and this means a failure of buying strength.
Technical analysis
On a daily chart, BTC showed interest at low levels. Technical indicators also suggest that sellers outnumber buyers.
The relative strength index was below the halfway line, indicating an increase in selling strength.
The price of Bitcoin was below the 20-SMA line, and that means that sellers’ reduced demand for Bitcoin on the one-day chart was driving the price advance in the market.
BTC has shown increasing selling pressure pulling the coin’s recent support line. The technical view indicates further selling pressure for the coin.
The divergence of the moving average combination shows the price momentum and overall price action of the coin.
MACD formed an implicit crossover and a red histogram, which was a sell signal for the coin. The Directional Movement Index was negative as the -DI line is above the +DI line and the bears are in control of the coins.
The moving average indicator (red) has been moving above the 20-mark, and this is a sign of bearishness for Bitcoin.