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TA- Bitcoin (BTC) Unable To Hold Above $24,000 Ahead Of Bearish Signs

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Ta- Bitcoin (Btc) Unable To Hold Above $24,000 Ahead Of Bearish Signs
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The price of Bitcoin BTC has struggled to hold above $24,700 against Tether (USDT) after being rejected from that region. 

Bitcoin in recent times has shown bullish signs after rallying to the $24,000 mark, with many investors speculating this could be the start of the bull run. The price of BTC was rejected from $25,200 and has struggled to reclaim that region.

Bitcoin (BTC) Price Analysis On The Weekly Chart

Weekly BTC Price Chart | Source: BTCUSDT On Tradingview.com

From the chart, the price of BTC saw a weekly low of $19,000, which bounced from that area and rallied to a price of $25,200, making six straight weeks of bullish sentiments.

BTC’s weekly candle closed with a bullish sentiment, but the new week’s candle tends to look bearish, indicating we could have a minor retracement to the next support area of $21,500.

The price has struggled to build more momentum as it faces resistance at $24,000.

If the price of BTC on the weekly chart continues with this structure, it could quickly revisit  $21,500, acting as good support for the price of BTC.

Weekly resistance for the price of BTC – $24,000.

Weekly support for the price of BTC – $21,500.

Price Analysis Of Bitcoin On The Daily (1D) Chart

1660739647 423 Ta Bitcoin Btc Unable To Hold Above 24000 Ahead Of
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

The price of BTC found strong support at $22,443, with what seems to be an area of interest on the daily chart.

BTC bounced from its support and rallied to $25,200, where it was faced with resistance and was rejected from that region.

The price of BTC has continued to range in a rising wedge after being rejected from the $25,200 mark. Breaking out of this rising wedge to the downside could mean a retest of the $21,500 support area. 

At the point of writing, the price of BTC is at $23,800, narrowly above the 50 Exponential Moving Average (EMA), which corresponds to $23,400.

BTC needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BTC to $21,500.

The Relative Strength Index (RSI) for the price of BTC on the daily chart is above 50, but there is a break to the downside on the uptrend line holding the RSI, indicating we could be due for a retracement.

Daily (1D) resistance for BTC price – $24,000.

Daily (1D) support for ETH price – $23,400, $21,500.

Price Analysis OF BTC On The Four-Hourly (4H) Chart

1660739647 602 Ta Bitcoin Btc Unable To Hold Above 24000 Ahead Of
Four-Hourly BTC Chart | Source: BTCUSDT On Tradingview.com

The price of Bitcoin BTC is having a hard time holding above the 50 and 200 EMA prices that correspond to $24,000 and $23,200.

On the 4H timeframe, the 50 EMA is acting as a resistance for the price of BTC after breaking out of the rising wedge in which prices have ranged.

The 200 EMA would act as support for BTC price in case of a sell-off. If BTC fails to hold this support region, we could retest the region of $21,500 as the next support area to hold BTC’s price.

Four-Hourly (4H) resistance for BTC price – $24,000.

Four-Hourly (4H) support for BTC price – $23,200, $21,500.

Featured image from AAX, Charts from TradingView.com 
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Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

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Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

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Solana Outage Becoming a Recurring Event Worrying Investors

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Solana Achieves 100 Billion Transactions Milestone
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