BTC price trades below key resistance as prices get rejected under daily EMA.
BTC’s monthly candle closes with so many mixed feelings ahead of October.
The price of BTC must close above $21,500 to renew bullish sentiments.
The price action of Bitcoin (BTC) continues to toil with the emotions of traders and investors as it moves in an indecisive and uncertain fashion. Traders continue to speculate about what Bitcoin (BTC) holds for this new month of October. The price action and movements of Bitcoin (BTC) continue in its choppy, leaving most traders at loose ends due to an unstructured Bitcoin (BTC) price movement. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Weekly BTC Price Chart Source: BTCUSDT On Tradingview.com
Despite showing some fake movement of a bounce ahead of the monthly close, the price has found some rejection around $19,500 as the price struggles to break above.
The price of BTC retraced to a region of $18,700 but swiftly bounced from this region as price rallied to $19,300 but was faced with resistance to breaking above. BTC’s price needs to break and hold above $20,500 before it can resume bullish sentiment as the price trades at a key level.
BTC’s price needs to trade away from this region of $19,000 as a break below $18,100 could mean the price going to a low of $17,500 and even a low of $16,000.
Ahead of the weekly close, the price for BTC needs to close above $19,500 for a little bit of haven; a close below this range indicates exposure to more risk to go higher.
Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,100.
Price Analysis Of BTC On The Daily (1D) Chart
Daily BTC Price Chart
