After the high of 13 sep of 22k price test its trend line reistance and rejected from the reistance trend line also bearish divergence and lost bullish momentum price drop to the support of 20k round number and also came to the 28 AUG TO 6 SEP rang market area.
Now you can see price is in small range and consolidation with 2 levels. This zone is no trading zone after the breakout of this rectangle chart pattern to the down side you see price of btc drop tho the next level of support 195444 level.
Which is very important market structure/
Market picture :
Bitcoin has lost 1.2% in the last 24 hours, trading at $20.1K. The plunge below a meaningful round level late Wednesday afternoon did not last long. Ethereum pulled down 0.3% to $1610 while the crypto community awaits the market's reaction to The Merge (move to PoS algorithm). We can describe sentiment across the crypto market as a cautious wait-and-see.
Short-term Bitcoin momentum indicates that sellers wanted to swing the market yesterday and snap stop orders at the end of the day, taking advantage of a period of reduced liquidity on Wednesday. As we see, it failed, and BTCUSD returned precisely to where it started its local decline. However, the balance of power is now on the bears' side, as the global risk demand is suppressed, and critical technical levels (50- and 200-day MA, 200-week MA) are above the price.
Now you can see price is in small range and consolidation with 2 levels. This zone is no trading zone after the breakout of this rectangle chart pattern to the down side you see price of btc drop tho the next level of support 195444 level.
Which is very important market structure/
Market picture :
Bitcoin has lost 1.2% in the last 24 hours, trading at $20.1K. The plunge below a meaningful round level late Wednesday afternoon did not last long. Ethereum pulled down 0.3% to $1610 while the crypto community awaits the market's reaction to The Merge (move to PoS algorithm). We can describe sentiment across the crypto market as a cautious wait-and-see.
Short-term Bitcoin momentum indicates that sellers wanted to swing the market yesterday and snap stop orders at the end of the day, taking advantage of a period of reduced liquidity on Wednesday. As we see, it failed, and BTCUSD returned precisely to where it started its local decline. However, the balance of power is now on the bears' side, as the global risk demand is suppressed, and critical technical levels (50- and 200-day MA, 200-week MA) are above the price.