E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Crypto»Here’s The Next Support Below $20K
Crypto

Here’s The Next Support Below $20K

By June 18, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

Bitcoin’s price is still trending down with strong momentum and is currently testing the 2017 all-time high range between $17K and $20K. However, the downtrend shows no signs of slowing down and is hard to call a bottom at this time.

Technical Analysis

By: Edris

The Daily Chart

The next few days could be critical for Bitcoin because a failure to find support at this level could cause the market to crash even deeper towards the $15K mark and beyond. On the other hand, if the price rebounds from the current area, the $24K level would be the first obstacle before the significant $30K resistance and the 50-day moving average.

These levels could still reject the price lower in case of a bearish pullback and cause the market to go through a potential consolidation period which could lead to a lengthy accumulation phase and formation of a bottom. The RSI is also showing that BTC is significantly oversold, pointing to a probable bounce or consolidation in the short term.

btcusd_1dchart18062022
Source: TradingView

 

The 4-Hour Chart

On the 4-hour timeframe, it is evident that the price has been rejected twice from the $23K-$24K level after breaking it to the downside earlier in the month. A descending channel pattern is forming at the $17K-$20K support area. This is a bullish reversal pattern, and if the price rebounds from the third touch of the lower boundary and breaks the pattern to the upside, a short-term rally towards the $24K level and even the $30K supply zone could become probable.

Additionally, the RSI indicator displays a bullish divergence with the price, indicating the high probability of a bullish pullback. Conversely, a deeper crash towards the $15K level could be imminent if the price fails to complete the reversal pattern.

btcusd_4hchart18062022
Source: TradingView

On-chain Analysis

Bitcoin Exchange Inflow – Spent Output Age Bands

Bitcoin’s price crashed more than 30% during the last week, and the market is arguably experiencing maximum fear. Looking at the exchange inflows, a considerable amount of coins that have been bought and held over the last two years are being deposited into the exchanges.

onchain_btc18062022
Source: CryptoQuant

This massive selling pressure indicates that many holders who have invested in the market over the last couple of years have reached their risk threshold and are selling their coins at a loss. This is causing the market to drop even lower, and there is still not enough demand, even at prices more than 70% below the all-time high. This lack of buyers could be a consequence of financial and geopolitical issues such as the war in Ukraine and rapidly rising inflation in the US and Europe. So, the short-term future is still looking dark for risk assets.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.