Bitcoin Is Limited To A Range As It Faces Rejection At $19,689

Oct 24, 2022 at 10:35 // Price
Coin Idol

The price of Bitcoin (BTC) is bearish after a failed attempt to break above the moving average lines. Bitcoin has fallen to the low of $19,321 at the time of writing.

Bitcoin (BTC) Price Long Term Forecast: Bearish

Yesterday, buyers attempted to break above the moving average lines. The bullish momentum was stalled when BTC price got stuck at the 50-day line SMA. As Bitcoin entered the overbought zone, buyers struggled to make the previous high. 

Bitcoin would have risen to $20.400 if buyers had managed to overcome the initial resistance at $19.900. The cryptocurrency is bearish as it faces rejection at the high of $19.689. Selling pressure will continue to be in a band between $18.800 and $19.900.

Bitcoin (BTC) Indicator Reading 

At a level of 48 on the Relative Strength Index for the period 14, Bitcoin is in the downtrend zone despite the upward correction. The cryptocurrency could fall if the price bars stay below the moving average lines. The cryptocurrency is below the 80% area of the daily stochastic, which indicates a possible decline.

BTCUSD (Daily Chart) - October 24, 2022.jpg

Technical Indicators 

Key resistance levels - $30,000 and $35,000
Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin has dropped below the moving average lines. The cryptocurrency has fallen to the range between $18,800 and $19,900. The BTC price will remain within this range for a few more days. 

However, the selling pressure will continue to the low of $17,845.48 if the current support is broken.

BTCUSD (Daily Chart 2) - October 24, 2022.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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