TA- Bitcoin (BTC) Bounced off Key Support After CPI Notice

2 min


The price of Bitcoin (BTC) bounced off its key support against (USD) after the Consumer Price Index (CPI) notice in the United States. The metric is used to measure in United States dollar and hints at a potential slowdown. 

Bitcoin (BTC) price saw a pullback from $24,200 to $22,800 regardless of showing signs of relief rally but was faced with to ahead of CPI news sentiments. (Data feeds from Bitstamp)

Price Analysis Of Bitcoin On The Weekly Chart

Ta- Bitcoin Bounced Off Key Support After Cpi Announcement
For Bitcoin | Source: On Tradingview.com

From the chart, the price of Bitcoin saw a weekly low of around $19,100, which bounced from that area and rallied to a price of $24,300.

The price has built more as it faces resistance at $24,300.

If the price of Bitcoin on the weekly chart continues  with this positive trend structure, it could quickly revisit  $28,000.

Weekly resistance for the price of Bitcoin – $28,000.

Weekly support for the price of Bitcoin – $19,100.

Price Analysis Of Bitcoin On The Daily (1D) Chart

Ta- Bitcoin Bounced Off Key Support After Cpi Announcement
Daily Price Analysis For Bitcoin | Source: BTCUSD On Tradingview.com

The price of Bitcoin found strong support at around $20,600, with what seems to be an area of interest on the daily chart.

Bitcoin bounced from its support, a rising wedge as it faces resistance to break over $24,200.

At of writing, the price of Bitcoin is at $23,980, trying to break the resistance of $24,000 that corresponds to the 50 exponential moving averages (EMA). 

If the price of Bitcoin fails to break over the 50 EMA region, and at the same time breaks below the ascending wedge,  $20,600  would be a good support to hold sell-offs and a possible price .

With more buy bids, and the positive CPI notice we could see the price of Bitcoin breaking out over $24,300, and Bitcoin price will trend higher.

The RSI for the price of Bitcoin on the daily chart is over 50, indicating healthy buy bids for BTC.

The for Bitcoin signifies low buy bids, this shows bulls would want to know the outcome of the CPI meeting.

Daily (1D) resistance for Bitcoin price – $24,300.

Daily (1D) support for Bitcoin price – $22,800, $20,600.

 

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Price Analysis OF Bitcoin On The Four-Hourly (4H) Chart

Ta- Bitcoin Bounced Off Key Support After Cpi Announcement
Four-Hourly Price Analysis For Bitcoin | Source: BTCUSD On Tradingview.com

The price of Bitcoin has shown a range in an ascending wedge on the 4H chart, as the price faces rejection at $24,000.

Bitcoin’s price is $23,990, over the 50 but over the 200 EMA with prices of $23,200 and $22,700 on the 4H chart. These prices would be a support area for Bitcoin on the 4H chart.

Four-Hourly (4H) resistance for Bitcoin price – $24,300.

Four-Hourly (4H) support for Bitcoin price – $23,200, $22,700.

 

With the positive CPI, the price of Bitcoin would trend higher.

 

Featured image from NewsBTC, Charts from TradingView.com 

Continue reading on newsbtc.com


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