Bitcoin Price Consolidates, Can Move To The Closest Support Line Soon

Bitcoin price has been trading sideways, struggling to break past its immediate resistance level. Over the last 24 hours, Bitcoin fell by 1%, confirming sideways trading. In the last week, BTC has barely made any progress with its price.

If the coin continues to stick around the same price level, it could soon be a free fall for the asset. The technical outlook points towards the weakness in buying power. Demand for the coin remains low as the asset fails to move up north.

A fall from this price zone could even bring the Bitcoin price to as low as $18,000. At the moment, the $18,900 price level remains strong support for the coin. If the coin reaches the $18,000 support line, the next level stands at $17,400.

Depreciation from the $17,000 level can even drag the price of the asset to $16,000. A push above the $20,000 mark could invalidate the bears for sometime, but demand for BTC has to shoot up over the immediate trading sessions.

Bitcoin Price Analysis: One-Day Chart
Bitcoin was priced at $19,200 on the one-day chart Source: BTCUSD on TradingView

The other technical indicators also signalled bearish strength. However, the one-day chart managed to paint buy signal for the coin.

The Moving Average Convergence Divergence measures the price momentum and the overall direction of the asset.

The MACD continued to form green signal bars, which was buy signal for the coin. This could indicate that BTC might witness upward movement on the chart.

The Directional Movement Index points at the price direction and strength of the asset. DMI was negative as the -DI line (orange) was above the +DI line (blue).

The Average Directional Index (red) was below the 20-mark, a sign of weakness in the current price movement.

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