Misleading resemblance? the Bitcoin price (BTC) resumes the colors, after another announcement of the FOMC an increase in interest rates in the United States. Will the markets be entitled to a repeating encore of a recent pattern in the coming days, or will the $20,000 now be harder to recover this time around?
This Bitcoin price analysis is presented in collaboration with CryptoTrader™ and its algorithmic trading solution finally accessible to individuals.
An air of deja vu for the price of Bitcoin?
Bitcoin price surges to $19,316 on Bitfinex today, September 22, 2022. Cryptocurrency trades at $19,227 at the time of writing this article. Its price currently registers a daily gain of 4.06%.
Bitcoin currently seems play the pattern from September 4 to 7, with a succession of a green daily candle, followed by two red and one green. This same sequence was observed from September 19 to today.
In both patterns, the red candlesticks led the price of Bitcoin to drop below $19,000. Both the green candle on September 7 and the green candle today pushed Bitcoin above $19,000. And in both cases, the ascent stops at the $19,300-$19,500 level.
Continuing the analogy with the fluctuations of September 8 and 9, Bitcoin could therefore, at the end of this week, recover more than $20,000.
Will the whales block the $20,000?
However, these predictions based on previous Bitcoin price movements should take into account the existence of a major resistance area just below $20,000. the data from whale map to show a high concentration of whales at $19,900which could stop a possible upward momentum holding to retake $20,000.
Bitcoin also rose as high as $19,888 yesterday, before suffering a rejection that pushed its price back and kept it below $19,000 until daily close.
Still based on the whale map, Whalemap notes that the “key” to Bitcoin is keep the $18,000-$19,000.
Bitcoin may have been brought down by a rising dollar recently, but the markets could see a bullish bounce that would see the cryptocurrency back above $20,000. However, another release close to this level should not be ruled out. In such a scenario, the supports at $19,000 or even lower could shake again.