YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels

October 18, 2022
in Bitcoin
Reading Time: 4 mins read
A A
Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels
ShareShareShareShareShare

You might also like

January 2023 Reaches Nearly $1 Billion in 30 Days With 41% Increase – Markets and Prices Bitcoin News

January 2023 Reaches Nearly $1 Billion in 30 Days With 41% Increase – Markets and Prices Bitcoin News

February 2, 2023
Nostr Will Only Scale If It Can Incentivize Users To Run Relays

Nostr Will Only Scale If It Can Incentivize Users To Run Relays

February 2, 2023

Bitcoin price was consolidating yesterday. However, the asset has moved north over the last 24 hours. The coin registered 2.2% appreciation.

The crypto has now moved away from the $18,200 support level, although the aforementioned level continues to act as strong support for the Bitcoin price.

The technical outlook also pointed towards the bulls not taking over in the market. Buyers are still not strong in the market despite a slight increase in the Bitcoin price.

Bitcoin, even now, is consolidating between $18,000 and $24,000, respectively.

If the coin maintains the uptrend, then Bitcoin could aim above $19,600, which would bring the bulls back for the relief rally.

The asset also formed a descending wedge pattern, which is a sign of bearish price action. The global cryptocurrency market cap today is $968 billion, with a 1.1% positive change in the last 24 hours.

Bitcoin Price Analysis: One-Day Chart

Bitcoin was priced at $1,949 on the one-day chart | Source: BTCUSD on TradingView

BTC was trading at $1,949 at the time of writing. The coin formed a descending wedge pattern, which was a sign of bearish strength. If the buyers don’t return to the market, then a fall to the $18,000 mark will be inevitable.

Overhead resistance for the coin stood at $21,000. If the bulls manage to break past that level, then the coin can rally over the next trading sessions.

Selling strength continues to dominate at the time of writing. A fall to the $18,000 price mark could again bring the Bitcoin price to $17,400.

Once BTC starts to drop to the above-mentioned level, the $16,000 to $14,000 price levels are also not far away for the asset. Over the last trading session, the amount of BTC traded increased slightly, signifying a slight rise in buying pressure.

Technical Analysis

Bitcoin Price
Bitcoin noted an increase in buying strength on the one-day chart | Source: BTCUSD on TradingView

The coin’s price had increased over the last 24 hours, and that slightly reflected the increase in the buying strength.

The Relative Strength Index depicted a rise and touched the half-line, which meant that the coin experienced an even number of buyers and sellers on the chart.

However, demand were to push the asset above the 20-SMA as BTC was seen below the 20-SMA. Currently, the indicator indicated that the sellers were driving the price momentum in the market.

Bitcoin Price
Bitcoin displayed buy signal on the one day chart | Source: BTCUSD on TradingView

BTC’s upward movement was reflected on other indicators as well. The technical outlook showed that the buyers could return due to buy signals. This would mean that Bitcoin could continue to move north.

The Awesome Oscillator reads the overall price momentum and displays green bars, which are tied to a buy signal for Bitcoin.

Bollinger Bands show the price volatility and chances of price fluctuation. The bands were heavily tightened, which was a sign of an intense price movement over the next trading sessions.

Credit: Source link

Related Stories

January 2023 Reaches Nearly $1 Billion in 30 Days With 41% Increase – Markets and Prices Bitcoin News
Bitcoin

January 2023 Reaches Nearly $1 Billion in 30 Days With 41% Increase – Markets and Prices Bitcoin News

February 2, 2023
Nostr Will Only Scale If It Can Incentivize Users To Run Relays
Bitcoin

Nostr Will Only Scale If It Can Incentivize Users To Run Relays

February 2, 2023
Bitcoin Breaks Above $24,000 For The First Time In 2023
Bitcoin

Bitcoin Breaks Above $24,000 For The First Time In 2023

February 2, 2023
is BTC price reversal nigh?
Bitcoin

South African ‘Pick n Pay’ teams up with CryptoQR to accept bitcoin

February 1, 2023
Next Post
EU financial services chief calls on US to create new crypto rules

EU financial services chief calls on US to create new crypto rules

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Best and Safest Ways to Store Crypto – Forbes Advisor Australia

Best and Safest Ways to Store Crypto – Forbes Advisor Australia

January 30, 2023
How to spot and outsmart phishing emails

How to spot and outsmart phishing emails

January 31, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,777.00 3.01%
    • ethereumEthereum (ETH) $ 1,665.12 5.63%
    • tetherTether (USDT) $ 1.00 0.01%
    • bnbBNB (BNB) $ 328.00 6.59%
    • usd-coinUSD Coin (USDC) $ 0.999891 0.07%
    • xrpXRP (XRP) $ 0.413640 3.04%
    • binance-usdBinance USD (BUSD) $ 0.999182 0.05%
    • cardanoCardano (ADA) $ 0.400678 4.56%
    • dogecoinDogecoin (DOGE) $ 0.093323 0.85%
    • matic-networkPolygon (MATIC) $ 1.22 11.36%
    • okbOKB (OKB) $ 39.94 6.16%
    • solanaSolana (SOL) $ 24.86 5.37%
    • staked-etherLido Staked Ether (STETH) $ 1,659.22 5.65%
    • polkadotPolkadot (DOT) $ 6.49 4.5%
    • litecoinLitecoin (LTC) $ 100.07 4.05%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 2.79%
    • avalanche-2Avalanche (AVAX) $ 21.69 12.56%
    • tronTRON (TRX) $ 0.063421 2.23%
    • uniswapUniswap (UNI) $ 6.91 5.74%
    • daiDai (DAI) $ 0.999729 0.05%
    • cosmosCosmos Hub (ATOM) $ 14.67 7.56%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,718.00 2.92%
    • the-open-networkToncoin (TON) $ 2.45 6.59%
    • chainlinkChainlink (LINK) $ 7.23 5.44%
    • moneroMonero (XMR) $ 178.57 2.11%
    • leo-tokenLEO Token (LEO) $ 3.36 6.73%
    • ethereum-classicEthereum Classic (ETC) $ 22.44 4.83%
    • aptosAptos (APT) $ 18.25 9.92%
    • bitcoin-cashBitcoin Cash (BCH) $ 138.25 4.8%
    • stellarStellar (XLM) $ 0.092874 3.58%
    • apecoinApeCoin (APE) $ 6.16 5.75%
    • quant-networkQuant (QNT) $ 148.61 7.49%
    • filecoinFilecoin (FIL) $ 5.63 9.49%
    • nearNEAR Protocol (NEAR) $ 2.43 8.29%
    • crypto-com-chainCronos (CRO) $ 0.081163 3.31%
    • lido-daoLido DAO (LDO) $ 2.30 6.78%
    • algorandAlgorand (ALGO) $ 0.254584 7.31%
    • hedera-hashgraphHedera (HBAR) $ 0.069041 8.56%
    • vechainVeChain (VET) $ 0.024659 8.48%
    • internet-computerInternet Computer (ICP) $ 5.96 1.71%
    • fantomFantom (FTM) $ 0.571703 8.52%
    • decentralandDecentraland (MANA) $ 0.787738 6.75%
    • axie-infinityAxie Infinity (AXS) $ 11.45 7.64%
    • aaveAave (AAVE) $ 90.85 11.64%
    • the-sandboxThe Sandbox (SAND) $ 0.756782 5.77%
    • eosEOS (EOS) $ 1.08 2.93%
    • flowFlow (FLOW) $ 1.14 8.38%
    • elrond-erd-2MultiversX (EGLD) $ 43.93 3.74%
    • theta-tokenTheta Network (THETA) $ 1.08 6.83%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000173 2.2%