Bitcoin on September 16, 2022 – See you in unknown lands

The pre-bounce drop? Bitcoin (BTC) price continues to watch for signs of weakness days away from the weekly close. Are we heading inescapably for a daily close at levels near $19,000, slightly above or below, for the next two days?

This Bitcoin price analysis is brought to you in collaboration with CryptoTrader™ and its algorithmic trading solution finally accessible to individuals.

A $19,500 crack for Bitcoin price?

The price of bitcoin drop to $19,350 on Bitfinex today, September 16, 2022. The cryptocurrency is trading at $19,747 at the time of writing, and they are currently recording a mini daily loss of 0.57%.

Bitcoin debuted the week after hitting $22,000, ahead of the string of red chandeliers and dojis, as it is currently. Markets seem undecided on a daily basis as we approach this weekend.

The bears have been putting pressure on the support at $19,500 for the past two days, support that seems to have given way temporarily today. The crack to bring Bitcoin back to support around $19,300which had stopped a multi-day slide on July 12, subsequently allowing the cryptocurrency to make a bullish rebound to $24,000 and above.

Strong bulls on a weekly basis?

According to the weekly close, the trader Rekt Capital shared a graph of the price of Bitcoin over this period, to illustrate to him that the cryptocurrency “weighed on the Higher Lower after their rejection of the 200-week moving average.

Publication of Rekt Capital – Source: Twitter

According to Rekt Capital, this Higher Low “still holds its support”, while Bitcoin did not touch “June lows” – in green in the graph.

If Bitcoin can then record new lows, a a new rebound is possible if the cryptocurrency managed to maintain these levels.

The retrievers of $20,800 are currently far from the price of Bitcoin. If the recent scenes reoccur, it will return to a strong pressure of $19,000, which may give up temporarily, hoping to see a return of $20,000. Some traders continue to gain fame for $16,000, which seems unavoidable for Bitcoin, during the boom phase of the cycle.

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