Bitcoin Could Drop To $17990 This Week

The price of Bitcoin (BTC) continues to fluctuate in attempts to overcome $20,000. This raises the question of whether the first cryptocurrency and leader in market capitalization will rise or fall in the coming week. Obviously, technical analysis can clearly tell us whether the construction momentum is positive or negative.

Weekly chart

The weekly chart shows Bitcoin support and resistance at $17,900 and $20,840 respectively. Other strong levels in the range are $18370, $19300 and $20300.

A closer look shows that last week Bitcoin tried to break above $20,300 and $19,290, but due to strong selling pressure, it failed. Bitcoin closed at $19,200. A week earlier, Bitcoin, which hit a low of $18,120, found support at $18,370 to close at $18,890. Therefore, it is highly likely that Bitcoin will test support again at $18,370 or even $17,900.

If bitcoin doesn’t break $19,300, be wary of going short. A break below $18,370 will increase selling pressure and Bitcoin will struggle to rally through the rest of the week. Similarly, a break of the $20,300 level would make the cryptocurrency extremely bullish, leading to heavy short coverage. In this case, bitcoin will not fall until the end of the week.

Monthly chart

The monthly chart shows that Bitcoin has rejected several times at $21960. The next major support lies at 17390. Above, the main resistance lies at $27080 if it breaks the $21960 level. With a slightly bearish mood, the probability of a breakout of the $21960 level is very small.

Since both the weekly and monthly charts point to a possible downward correction, there is a good chance that a new downtrend will emerge sometime this week. If the main weekly resistance is not broken, it is better to stay short and wait for a rebound from the main support.

At the time of publication of this material, the Bitcoin exchange rate fluctuates around $19,160.

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CoinShark is not responsible for the content, accuracy, quality, advertising, products, or any other content posted on the site. This article is for informational purposes, and not a proposal for action, prepared on the basis of COINTRUST materials and information from open sources.

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