Bitcoin September 19, 2022: Week of Hell Ahead

Bearish breakout or pullback? Bitcoin (BTC) price raided $19,000. Is this a big sign of weakness, or a local low needed to give the bulls the momentum they need to reclaim $20,000?

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

Bitcoin Price Below $19,000: Heading North or South?

The price of bitcoin chute up to $18,318 on Bitfinex today, September 19, 2022. However, the cryptocurrency allows you to rebuke them for $19,000, and was trading at $19,575 at the time of writing. They are currently seeing a daily gain of 0.77%.

Does this fall below $19,000 announce an upcoming return to $20,000, just like when Bitcoin revisited the $18,000-$19,000 area on September 6, before starting a strong bullish rebound? for next? Or is a close below $19,000 necessary to replicate this pattern?

In terms of magnitude, the decline was larger this time around from last visiting the levels below $19,000, with a drop to around $18,300 today, against a return to 18,500. $-$18,700, Sept. 6-7.

Bitcoin started the week with the most exceptional, while it must still before the FOMC meeting from the US Federal Reserve in two days. The merchant Michael van de Poppe reminder that the “general consensus” is for a 100 basis point hike, with continued hikes in the months to come.

Breaking of essential support for the price of Bitcoin

Bitcoin price started last week with a hit of $19,000, which could herald an upcoming bullish bounce, or other major trades to come, with a favorable macro event for ours.

This technical analysis will not reassure traders and analysts that it will prefer to see greens in the coming days. Trader Rekt Capital has shared a weekly Bitcoin price chart that shows the cryptocurrency has closed last week under a Higher Low over several months – in black in the graph.

Publication of Rekt Capital – Source: Twitter

Bitcoin could therefore prepare “potentially for a break in it”, a diagram bearish which could materialize especially if the level becomes a new resistance bearish “confirm breakout”.

Is the true of cryptos close to knockout or can the markets expect a rebound that would shrink traders’ wallets in the very short term? The factors seem to be working in favor of ours, with major bull hopes based on recent Bitcoin price swings.

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