Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels
Bitcoin price was consolidating yesterday. However, the asset has moved north over the last 24 hours. The coin registered 2.2% appreciation.
The crypto has now moved away from the $18,200 support level, although the aforementioned level continues to act as strong support for the Bitcoin price.
The technical outlook also pointed towards the bulls not taking over in the market. Buyers are still not strong in the market despite a slight increase in the Bitcoin price.
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If the coin maintains the uptrend, then Bitcoin could aim above $19,600, which would bring the bulls back for the relief rally.
The asset also formed a descending wedge pattern, which is a sign of bearish price action. The global cryptocurrency market cap today is $968 billion, with a 1.1% positive change in the last 24 hours.
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Bitcoin was priced at $1,949 on the one-day chart | Source: BTCUSD on TradingViewBTC was trading at $1,949 at the time of writing. The coin formed a descending wedge pattern, which was a sign of bearish strength. If the buyers don’t return to the market, then a fall to the $18,000 mark will be inevitable.
Overhead resistance for the coin stood at $21,000. If the bulls manage to break past that level, then the coin can rally over the next trading sessions.
Selling strength continues to dominate at the time of writing. A fall to the $18,000 price mark could again bring the Bitcoin price to $17,400.
Once BTC starts to drop to the above-mentioned level, the $16,000 to $14,000 price levels are also not far away for the asset. Over the last trading session, the amount of BTC traded increased slightly, signifying a slight rise in buying pressure.
Technical Analysis
Bitcoin noted an increase in buying strength on the one-day chart | Source: BTCUSD on TradingViewThe coin’s price had increased over the last 24 hours, and that slightly reflected the increase in the buying strength.
The Relative Strength Index depicted a rise and touched the half-line, which meant that the coin experienced an even number of buyers and sellers on the chart.
However, demand were to push the asset above the 20-SMA as BTC was seen below the 20-SMA. Currently, the indicator indicated that the sellers were driving the price momentum in the market.
Bitcoin displayed buy signal on the one day chart | Source: BTCUSD on TradingViewBTC’s upward movement was reflected on other indicators as well. The technical outlook showed that the buyers could return due to buy signals. This would mean that Bitcoin could continue to move north.
The Awesome Oscillator reads the overall price momentum and displays green bars, which are tied to a buy signal for Bitcoin.
Bollinger Bands show the price volatility and chances of price fluctuation. The bands were heavily tightened, which was a sign of an intense price movement over the next trading sessions.