BTC Consolidates Below $24,000; Hold Or Exit?

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Published 20 mins ago

Today’s Bitcoin price analysis offers no surprise. As the price extends its consolidation move on the first day of the new trading week. The price moves in a very narrow range of $23,200 and $23,400 with a negative bias. According to CoinMarketCap data, BTC’s price is attempting to make its next big move amid a solid consolidation. Amid, the “Buy the Dip” sentiment, investors must wait for further confirmation to place aggressive bids.

As of press time, BTC/USD is reading at $23,242.09, down 0.28% for the day.

  • BTC price treads water on Monday with limited price action.
  • The formation of multiple Doji candlesticks suggests the price could attempt recovery toward $24,700.
  • However, mixed momentum oscillators warn investors of aggressive bids.

BTC extends consolidation

BTC price is trading in a rising channel, making higher highs and higher lows, but faces rejection near the higher levels around $24,655.This coincides with the highs of July 20, Thus forming a double top formation. The volumes are also below average indicating that the price might ignore any bullish sentiment as of now.

Source: Trading view

The daily chart shows BTC’s price faces a strong resistance hurdle above $23,900. As can be seen in the chart, there is no closing candle above this level so far. At this moment, the price taking good support from the 50-day moving average. 

A daily candlestick above $24,000 could mean bulls are back in action. On moving higher the upside target could be found at around $25,500.

On the other hand, if the price is able to break below $23,060, with good volumes then we can expect a good to bearish momentum up to the lows at $22,500. Further, if the price started to fall below the 50-day moving average, then, the next expected target would be the 20-day exponential moving average, which is from $22,720 to $22,550.

1-hour chart indicates a correction

Source: Trading view

On the hourly time frame, the price gave a breakdown out of the ‘Head & Shoulder pattern’, indicating Bearishness. According to this pattern, the expected fall could be $22,720 and further.

On the other hand, a break above the $23,900 level could invalidate the bearish outlook.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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