- Bitcoin price is breaking a long term bearish trend in today’s trading session.
- The asset price is forming a high-low price pattern on the 4-hours price scale.
- Trading volume increased by 22.9% to $28 billion in the last 24 hours.
Bitcoin’s price is about to break through lower levels. Throughout this trading cycle, both bears and bulls have dominated crypto prices, but this price surge should attract traders from long positions for a short-term outlook.
Buyers have recently taken over the ongoing trend after so many accumulation phases near lower levels. However, the value of bitcoin is far less volatile than the value of those other stocks. People seem to accept it positively, but some large market participants are concerned about the low volatility. In a less volatile market, market participants are renouncing bitcoin to some large extend in order to open new long positions.
The recent price correction phase gives the acceleration to bulls. Hence, crypto price forms the higher-lows price pattern in terms of 4 hours price scale. Meanwhile, the Bitcoin price against the USDT pair is trading at $19600 mark at the time of writing along with 0.27% intraday trading session.
Due to a higher-low price pattern, the buyers flipped the $19K zone into a key support zone. Besides, the $20K round level is an ideological resistance zone for swing traders as of now. Although Buyer sustained price multiple times above this level in the last few days but every price drop dragged value lower this key zone.
Due to price recovery, Bitcoin Price is breaching long terms bearish trendline in today’s trading session. Buyers try to maintain this recovery which can easily be observed in volume. Thus, trading volume increased by 22.9% in the last 24 hours at $28 billion.
Once again buyers recap the 20 day moving average over the daily time frame. This bounce back may help bulls to propel bitcoin price higher above the next resistance zone of $20K. In addition, the Stoch RSI indicator started moving higher from the oversold territory.
Conclusion
The bitcoin price reversed its trading cycle as the 4 hours price chart shows the higher-lows pattern on the chart. Increasing trading volume seems good for sustainable trend and daily Stoch RSI indicator is expanding higher.
Resistance level- $20,000 and $22,500
Support level- $19,000 and $18,000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.