Bitcoin price analysis shows the pair is clearly facing strong headwinds as it barely clings to the $20,000 price level.Negative bias means traders are not taking large positions Helped by thin liquidity over the weekend. Friday’s stock market plunge is likely to continue into next week, which could have an even more negative impact on the pair.
Fed Chairman Jerome Powell’s hawkish comments will only exacerbate problems in the cryptocurrency market. A consolidation near $20,000 is not concrete as the price could fall further to $18,000 levels. The market mood is bearish as the pair is hovering around his $20,000. The bulls are doing little to sustain the volume to cling to the $20,000 level.
Bitcoin Price Action Over the Last 24 Hours: Slowly Steady Down Below $20,000
A confirmation of the ‘flags and sticks’ pattern on the chart is a big bearish signal. The bears have created large short positions in the last 24-48 hours to break below $20,000. A loose move near $20,000 shows the pair losing momentum with sheer volume heading into the weekend according to Bitcoin price analysis. The pair is constantly approaching the 50-day exponential moving average has been repeatedly rejected.
Selling intensified over the past two days as the price was already weak near the $22,000 support zone. Bitcoin price analysis shows it quickly fell below the mark and below the 20-day exponential moving average near $22,000 before the price fell back to below his $20,500 level.
BTC/USD 4-Hour Chart: Range Bound or More Pain?
The $20,000 support has been pretty strong as the pair has rallied near this level in the past. However, there are concerns about a rising flag and pole pattern, which could push the price closer to $18,500 in the next few days. The $19,000 support will be the first level to watch if the bears increase selling in line with the stock market.
Bitcoin price analysis shows that the bears are planning trades following the ‘sell rising’ pattern. The RSI is close to 30 and shows no signs of an imminent reversal. The MACD line is also far from crossover.
Bitcoin Price Analysis Conclusion: A Bearish September?
Bitcoin price analysis becomes more bearish as another month dawns. The $21,000 level has been confidently breached by the bears on the daily chart. The September effect seems to have taken over BTC again. Bitcoin has historically been known to fall in September, and this year seems to be no exception.
Stock market decline associated with Macro Concerns Will Only Lower BTCThe price is targeting $18,000 and looking to make new lows.
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