Red canceled – The price of Bitcoin (BTC) is recovering to $20,000 and $21,000, three days after its first foray below $19,000 this week. The bulls are now coming up against a former key resistance.
This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.
The $20,000 as strong support for Bitcoin price
Bitcoin price rises to $21,419 on Bitfinex today, September 9, 2022. Cryptocurrency is trading at $21,261 at the time of writing this article. Its price is currently registering a significant daily gain of 9.69%.
Today’s sharp rise follows much more intense whale movement in recent days, whales having managed to form and hold support around $19,100.
On a monthly basis, the return above $20,000 puts the candle on this period in the green. Trader Rekt Capital shared a Bitcoin price chart, which illustrates that the cryptocurrency has formed a monthly support cluster “in a historically confluent demand zone” at $19,700-$23,500- the green area in the graph below.
The $ 23,000 at a resistance near for the price of Bitcoin
Based on the recent daily fluctuations in the price of Bitcoin, before it returned to around $20,250 on August 26, the cryptocurrency could now face a resistance at levels near $21,500.
The August 19 closing level around $20,800, a level that also stopped the big red daily candlestick at the time, could serve as support for the next few days.
A consolidation between $20,800 and $21,500 is therefore to be expected. Should Bitcoin manage to break this resistance at $21,500, historical data shows that the cryptocurrency could then rally back to its August 19 opening level above $23,000.
The trader Michaël van de Poppe, who issued similar forecasts, also expects a bullish continuation in the $23,000 – $25,000if Bitcoin manages to break through this resistance zone around $21,500.
He also gave some descriptive and explanatory elements for today’s sharp rise, referring to “a big sweep of lows, recovery and strong candles” that imply a strong comeback in the price of Bitcoin, alongside a dollar. which suffers a decline.
Is the long-awaited bullish reversal, on a weekly basis, happening, as the price of Bitcoin once again escapes a drop to $16,000, with this return above $21,000?
Is it possible to be a winner every time? Whether the bitcoin price is in great shape, or going through turbulence, Coin Trading offers you to increase your chances of success. Indeed, Coin Trading allows individuals to access a trading tool algorithmic and 100% automated. Real trend mechanism, follow our trade link to test this tool designed to adapt to market reversals and position yourself on the most dynamic crypto assets of the moment.