Bitcoin noted unattractive movements within the past ten weeks, as its price hovered near its high liquidity mark. Moreover, the Point of Control level confirms such tendencies. Bitcoin witnessed a somewhat dull phase after an anticipated breakdown from a reversal setup within the previous two weeks.
The present selling momentum has refrained the Bollinger Bands’ basis line from exhibiting northbound actions. With multiple support areas colliding within the $19.2K – $19.9K territory, buyers might strive for redemption before surrendering to the downside tendencies. While publishing this post, BTC changed hands near $19,949.01.
Bitcoin Daily Timeframe
Bitcoin battled for revivals from its BB’s lower band during this publication. Meanwhile, a stable $19.9K might translate to short-term reversals toward the Point of Control in the upcoming sessions. This reversal might stretch the squeeze period at the high liquidity level. Such moves would see Bitcoin’s potential target at the $21.5K – $22.5K mark.
Nevertheless, crypto has witnessed a sluggish period for some time. Therefore, sellers may target to continue for a pessimistic volatile break. While the basis line still looks south, buying volumes should form a significant upsurge to cancel the bearish narrative. Any dip beneath the support at $19.9K might welcome more pullbacks to explore the foothold at $19.2K – $18.9K.
Reasoning
The RSI’s (Relative Strength Index) dip toward the oversold region matched the amplified bearish superiority. Plausible reversals from the lows might ensure a recovery path in the near term.
The CMF (Chaikin Money Flow) higher troughs within the day bullishly divergence with the BTC price. However, the indicator should reclaim a position beyond 0.21 to confirm a massive recovery. Nevertheless, the ADX displayed weakness for directional trends.
Final Thought
Considering the support levels’ confluence at the $19.2K – $19.9K value area, a potential rebound might trigger a short-term rally to the Point of Control. A closing beneath the mentioned foothold range might welcome bearishness.
Targets would stay as highlighted. Furthermore, enthusiasts should watch macroeconomic factors impacting market-wide sentiment. Such evaluations might increase the possibilities of profitable bets.
What are your views about Bitcoin’s present stance? Should we anticipate more bloodbaths? You can comment below.