Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
Up to now 24 hours, $198 million price of positions within the crypto futures market had been liquidated, in line with information from Coinglass. Of this quantity, $30m may be attributed to Bitcoin pairs.
With BTC unable to carry on to the $20k mark, can bulls anticipate some reduction over the subsequent few days? The value charts confirmed {that a} key resistance degree if flipped to assist, might pave the way in which for additional good points.
BTC- 4-Hour Chart
On the 4-hour chart, there have been two ranges of significance marked. One was assist from early July at $18.6k. The opposite was a resistance degree at $19.5k, previously assist, that had held the bears at bay in late August.
Up to now few days, BTC plunged proper beneath this assist degree, and on the time of writing, it rose towards this degree as soon as extra.
The RSI was not but above the impartial 50 mark to spotlight bullish momentum. On the identical time, the OBV was additionally on a gentle downtrend. The dearth of demand might probably contribute to a rejection on the $19.5k mark.
BTC- 1-Hour Chart
On the 1-hour chart, a set of Fibonacci retracement ranges (yellow) had been plotted based mostly on the transfer down from $20,490 to $19,797. The instrument plotted the 61.8% and 100% extension ranges at $19,022 and $18,676.
Up to now couple of days, each of those ranges have acted as assist and resistance. This highlighted their significance.
On the time of writing, BTC was buying and selling beneath the $19,369 mark and was inside the resistance zone marked in crimson as properly. This resistance zone from $19.2k-$19.7k had served as a requirement zone again in June and July.
Conclusion
Can Bitcoin merchants anticipate a transfer previous $19.5k or beneath $18.6k? Compelling arguments may be made for both state of affairs. From $19.2k to $19.6k, a zone of resistance may be anticipated. But, due to the bounce from the July lows in current hours, a transfer towards $19.6k and $20.8k to gather liquidity may very well be potential.