- BTC Forms A Bearish Hammer Candle, Rejects $18,000 Mark
- weekly high candlestick formation
- The Supertrend has generated a buy signal on the 4 timeframe.
Bitcoin has been dominated by the bears for the past few months, but this month Bitcoin has been able to gain buyer confidence and trade above $17,500. At the moment, the biggest hurdle for the bulls is $18,000. Over the past 24 hours, BTC has been in a modest negative of 0.62%, with a 24-hour volume to market cap ratio of 0.0759.
Will the bulls break out of $18,000?
On the weekly timeframe, BTC has been consolidating within the $18,000 to $25,167 range for the past six months. Recently, the FTX crash saw BTC break through the lower end of the range with a big bearish candle, falling below the critical support price of $18,000 and reaching a two-year low of $15,460. Over the past few weeks, the bull market has formed a relatively small bullish candlestick, recovering almost 13% from recent lows.
daily time frame stories
in the daily timeframe, Bitcoin It was climbing slowly and steadily, approaching $18,000. In the previous session, the bulls attempted to trade above his $18,000 level but were rejected from higher levels forming a bearish hammer candle indicating that the bulls are active at higher levels. rice field. Currently, BTC is expected to trade in the He $17,000 to He $18,000 range over the next few sessions. If the bull can successfully trade him above $18,000, he could see a significant rally towards $20,000 in the short term.
4 hour time frame
in a time frame of 4 hours, Bitcoin Despite being in a tight consolidation range, the previous session tried to hold above $18,000, but unfortunately the Fed rate hike may have had a negative impact on the BTC/USD price. It has generated a bullish signal over the past few hours and the price is still trading above the green line, indicating it may remain bullish in the short term.
Overview
After analysis Bitcoin On multiple timeframes, the price looks slightly bullish, but the overall position trend remains bearish, so aggressive traders take risks and break above $18,000 against the target of $20,000. You may look for purchasing opportunities. He is expected to trade in the $16,500-18,000 range until the price level drops below $18,000.
If the price falls below $16,000, it could drop further towards $14,000 and below in the short term.
technical level
Resistance levels: $18,500 and $20,000
Support Levels: $17,000 and $16,500
Disclaimer
The views and opinions expressed by the author or persons named in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets involves the risk of financial loss.
Andrew is a blockchain developer who developed an interest in cryptocurrencies after graduating. He is a keen observer of detail and shares his passion for writing as much as he is a developer.His backend knowledge of blockchain helps give his writing a unique perspective
