Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
Previously 24 hours, $198 million value of positions within the crypto futures market had been liquidated, in response to information from Coinglass. Of this quantity, $30m might be attributed to Bitcoin pairs.
With BTC unable to carry on to the $20k mark, can bulls count on some aid over the following few days? The worth charts confirmed {that a} key resistance stage if flipped to help, may pave the way in which for additional features.
BTC- 4-Hour Chart
On the 4-hour chart, there have been two ranges of significance marked. One was help from early July at $18.6k. The opposite was a resistance stage at $19.5k, previously help, that had held the bears at bay in late August.
Previously few days, BTC plunged proper beneath this help stage, and on the time of writing, it rose towards this stage 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 may seemingly 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 primarily based 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.
Previously couple of days, each of those ranges have acted as help and resistance. This highlighted their significance.
On the time of writing, BTC was buying and selling beneath the $19,369 mark and was throughout 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 count on a transfer previous $19.5k or beneath $18.6k? Compelling arguments might be made for both state of affairs. From $19.2k to $19.6k, a zone of resistance might be anticipated. But, due to the bounce from the July lows in latest hours, a transfer towards $19.6k and $20.8k to gather liquidity could possibly be potential.