- BTC price is trading below the key resistance as prices are rejected below the daily EMA.
- BTC’s monthly candle closes with so many mixed feelings ahead of October.
- BTC price needs to close above $21,500 to refresh bullish sentiment.
Bitcoin (BTC) price action continues to weigh on traders and investors emotions as it moves indecisively and uncertainly. Traders continue to speculate on what Bitcoin (BTC) has in store for this new month of October. Bitcoin (BTC) price action and movement continues choppy, letting most traders down due to unstructured Bitcoin (BTC) price action. (Binance data)
Bitcoin (BTC) price analysis on weekly chart
Weekly BTC Price Chart | Source: BTCUSDT on Tradingview.com
Although the price is showing a fake move of an upleg before the monthly close, it has faced some rejection around $19,500 as the price struggles to break above it.
BTC price retreated to a region of $18,700 but quickly recovered from that region as the price surged to $19,300 but faced resistance to a break above it. BTC price needs to break and sustain above $20,500 before it can resume bullish sentiment as the price is trading at a key level.
The price of BTC needs to move away from this $19,000 region as a break below $18,100 could mean the price drop to a low of $17,500 and even a low of $16,000.
Before the weekly close, the price of BTC needs to close above $19,500 to find some sanctuary; a close below this range indicates a higher risk of moving higher.
Weekly resistance for BTC price – $19,500.
Weekly support for the price of BTC – $18,100.
BTC price analysis on the daily chart (1D).
Daily BTC Price Chart | Source: BTCUSDT on Tradingview.com
On the daily timeframe, BTC’s price remains below the key resistance as it attempts to break above higher levels, with the price being rejected multiple times.
The price of BTC has shown strength, recovering from a bottom of $18,700, with the price attempting to break above the $20,500 daily price range but facing rejection as the price trades between $18,800 and $19,500.
The price of BTC is trading below the 50 and 200 Exponential Moving Average (EMA) at $19,100. The $20,400 and $27,000 prices correspond to the prices at the 50 and 200 EMA for BTC on the daily timeframe.
A break and close above $20,500 could see BTC price adopt bullish sentiment in October as many traders and investors anticipate a green October that could spell a rally to a region of $24,000 or higher.
Daily resistance for BTC price – $20,500.
Daily support for BTC price – $18,100.
Featured image by zipmex, charts by Tradingview
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