By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoCommunityCryptoCommunity
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • BTC
  • ETH
  • USDT
  • USDC
  • BNB
  • BUSD
  • ADA
  • XRP
  • SOL
  • DOGE
  • DOT
  • MATIC
Reading: Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels
Share
Aa
CryptoCommunityCryptoCommunity
Aa
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
CryptoCommunity > Blog > crypto > Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels
crypto

Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels

admin Published October 18, 2022
Last updated: 2022/10/18 at 10:00 AM
Share
SHARE

[ad_1]

Bitcoin price was consolidating yesterday. However, the asset has moved north over the last 24 hours. The coin registered 2.2% appreciation.

Contents
Bitcoin Price Analysis: One-Day ChartTechnical Analysis

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.

Bitcoin, even now, is consolidating between $18,000 and $24,000, respectively.

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.

Bitcoin Price Analysis: One-Day Chart

Bitcoin was priced at $1,949 on the one-day chart | Source: BTCUSD on TradingView

BTC 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 Price
Bitcoin noted an increase in buying strength on the one-day chart | Source: BTCUSD on TradingView

The 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 Price
Bitcoin displayed buy signal on the one day chart | Source: BTCUSD on TradingView

BTC’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.

[ad_2]

You Might Also Like

How to earn bitcoins fast

How to Tell If a Cryptocurrency is a Scam or Not

Tips to Avoid Losing In Cryptocurrency Trading

How to Sell Products Online with Bitcoins – The Ultimate Guide

Get a Cryptocurrency Trader Certification to Get Ready For The Big Game!

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
admin October 18, 2022
Share this Article
Facebook TwitterEmail Print
Share
Previous Article YouTube ends the test asking users to get a premium subscription to watch 4K videos
Next Article Polygon’s MATIC Price Prediction: Why Bulls Aim $1 or Higher

Latest News

earn bitcoins fast
How to earn bitcoins fast
crypto
Cryptocurrency is a Scam or Not
How to Tell If a Cryptocurrency is a Scam or Not
crypto
Losing In Cryptocurrency Trading
Tips to Avoid Losing In Cryptocurrency Trading
crypto
Sell Products Online with Bitcoins
How to Sell Products Online with Bitcoins – The Ultimate Guide
crypto

You Might also Like

earn bitcoins fast
crypto

How to earn bitcoins fast

4 Min Read
Cryptocurrency is a Scam or Not
crypto

How to Tell If a Cryptocurrency is a Scam or Not

8 Min Read
Losing In Cryptocurrency Trading
crypto

Tips to Avoid Losing In Cryptocurrency Trading

6 Min Read
Sell Products Online with Bitcoins
crypto

How to Sell Products Online with Bitcoins – The Ultimate Guide

5 Min Read

Crypto Community

  • Home
  • Crypto Calculator
  • Blog
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Real time Cryptocurrency

  • Crypto Prices
  • Dogecoin price
  • Shibainu coin price
  • Bitcoin Price
  • Cardano Price
  • Litecoins Price

Cryptocurrency Price USD

  • Bitcoin price USD
  • Ethereum price USD
  • Tether price USD
  • BNB Price USD
  • Cardano Price USD
  • Solana Price USD
  • Peps coin Price USD
  • floki inu Price USD
  • SIA coin Price USD
CryptoCommunityCryptoCommunity
Follow US

© 2022 Cryptos Community All Rights Reserved. All logos and images used on this website are registered trademarks of their respective companies. All Rights Reserved. Cryptos Community is not liable for inaccuracies, errors, or omissions found herein. For the removal of copyrighted images, trademarks, or other issues, Contact Us. 


Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?