BTC can’t find a way to end its crypto winter with CoinEdition
© Reuters Bitcoin analysis: BTC can’t find a way to end its crypto winter- is hovering at $19,953 and has more potential to fall further.
- The price of the coin fell by 8.01% within 24 hours.
- BTC’s bearish market price prediction is $17,000.
Bears have slaughtered the bulls in the crypto market. Bitcoin, the crypto king, has seen a massive drop of $1,604 from its $20,000 price range in the last 24 hours. It has a 24-hour high of $20,087.51 and a low of $18,390.32.
BTC/USDT 4-Hour Chart (Source: TradingView)
The first support zone of $19,000 has been broken and the price of BTC/USDT is now falling towards $18,000 on the 4-hour chart. If the price does not go up from the current support level, it will fall to around $17,000. However, if the trend were to reverse, the price could go up again to test the $20,000 resistance level.
BTC/USDT 1-Hour Chart (Source: TradingView)
Above is the 1-hour analysis chart for Bitcoin/USDT. The chart shows that Bitcoin is trading below the 200MA, where traders are looking for opportunities to enter their short positions. The RSI value is currently 15.75, which means that the coin is oversold. Generally, investors look for opportunities to buy if the RSI is below 20. However, for a better risk-reward ratio, investors should wait for a few confirmation patterns to enter trades.
The Average Directional Index (ADX) determines when the price is trending strongly or not. The current market trend is quite strong, as shown by the ADX rating of 52.63. A bearish order block was found at $20,102 on September 18, 2022, meaning traders started entering their short positions and dumping the market since then.
At the time of writing, there are 19,154,793 Bitcoins in circulation, changing hands at $19,953, as reported by CoinMarketCap. In the previous 24 hours, $37,412,836,136.13 worth of Bitcoin was traded. In addition, the price has fallen by 8.01% in the last 24 hours.
Disclaimer: The views and opinions, as well as all information shared in this price forecast, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
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