Ethereum Merge was expected to create volatility in the crypto space, and now even after the merge is completed it appears like the crypto market has nothing to do with it.
However, the world’s first cryptocurrency, Bitcoin, is going ahead with its downward moment. It was on September 13 that Bitcoin saw a price down after hitting $22,799 and also formed extreme bearish momentum.
This downfall saw Bitcoin testing $22,670 as a resistance area along with RSI plunging below 50. As per the reports, if Bitcoin continues with the same trend, BTC may plunge into the $19,000 area
Bitcoin Price In Near Future
The future of Bitcoin is not that clear because though the six-hour chart indicates a bull run, there is no certain trend that is being projected.
Currently, Bitcoin has moved away from its downward resistance, but couldn’t hold on to its bullish trend for long and slipped near its minor support area of $20,000. However, the one positive thing here is that there’s bullish divergence trend line is still holding on.
On the other hand, when the two-hour chart is taken into consideration it indicates a bounce. There are two reasons, first is RSI’s bullish divergence and the formation of a bullish hammer. The second is the bullish trend taking over the candlestick.
Hence, before Bitcoin sees another decline, there will be an upward movement towards 0.382 to 0.5 Fib retracement levels at $20,840 to $21,200.
Meanwhile, another indicator that could help us know about the Bitcoin trend is the Relative unrealized Loss indicator. This indicator makes note of the total loss of all the currencies whose price was higher than the current trade price.
This year the indicator was able to capture the high of 0.54. Its observed that every time bitcoin org bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile higher high, RUL has formed a bit lower high before the beginning of the new cycle
Hence, if Bitcoin decides to follow the previous trend, it means that BTC has either hit the bottom or will do it soon.