Bitcoin(BTC) Price Analysis: These May be the Price Targets for the Weekend
Bitcoin
Bitcoin(BTC) pierce at the press time is trading around $23,088.04 with a drop of 1.82% in the past 24 hours. While the asset has recorded marginal gains in the past 7 days of 0.24% and surged more than 17.93% in the past 30 days. The market cap is also heading strongly towards $450 billion, currently residing at $441.25 billion with a daily trading volume of $24.36 billion.
Bitcoin (BTC) Price Analysis
- BTC price ever since dropped hard during the mid-June rebounded and trading within ascending parallel channel
- The asset experienced a couple of rejections, in attempting to breakout form the parallel consolidation
- However, the asset appears to have halted just before reaching the middle bands of the channel and hence may flip and reach the resistance close to $25,000 until the weekend
- As the price reaches close to these levels, the fear of rejection may haunt the rally and hence if the bulls maintain their stability, then the asset may bounce back after a brief pullback
- Therfore, by the end of the week, the BTC price is expected to surge beyond the local highs at $24,600
Bitcoin (BTC) Technical Analysis
Technical Indicators
| Technical Indicators | Value(STF/HTF) | Action (STF/HTF) |
| Relative Strength Index(RSI) | 44.18 / 53.38 | Sell / Neutral |
| MACD | -47.10 / 515.6 | Sell / Buy |
| Average Directional Index(ADX) | 33.79 / 18.45 | Buy / Neutral |
| Average True Value(ATR) | 158.79 / 1009.29 | Less Volatility / Less Volatility |
| Bull-Bear Power | 31.33 / 421.20 | Buy / Buy |
Pivotal Levels
| Pivotal Levels | Short Term | Long Term |
| Resistance | $23,547.12 | $24,206 |
| Support | $22,682.42 | $20,691 |
| Moving Average(MA)-50 | $23,804.9 | $21,343.3 |
| Moving Average(MA)-200 | $23,303.3 | $33,657.8 |
Bitcoin’s (BTC) price is extremely bearish in the short term as most of the indicators are pointing towards a ‘Sell’ signal. However, the asset is expected to stabalize in the next couple of weeks as the long-term projections display a neutral behaviour.
