BTC’s Price Unable to Maintain a Position Above the 9 EMA Level

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Bitcoin’s Price At a Decisive Point on the 4-Hour Chart
  • Trading prices across the crypto markets yesterday hinted at a tough week.
  • BTC’s market cap currently stands at $378.542 billion.
  • The daily outlook for BTC will be dependent on the latest 4 hour candle close.

A number of the top cryptos in the market lost their weekly gains and are now struggling to maintain their expected levels. Yesterday, the trading prices of these assets started hinting that this week would be a tough week for the crypto market.

The crypto market leader, Bitcoin (BTC), saw its market dominance drop by 39 percent as well. Its market cap now stands at $378.542 billion, according to the crypto market tracking website CoinMarketCap.

At the time of writing, BTC’s price is trading under the psychological $20,000 level at around $19,778.25, after a 0.17% drop in price over the last 24 hours. Furthermore, BTC’s price is down more than 3 percent for the week as well.

4 hour chart for BTC/USDT (Source:CoinMarketCap)
4 hour chart for BTC/USDT (Source:CoinMarketCap)

BTC’s price is at a decisive point on the 4-hour chart at the moment, with BTC’s price looking to challenge the 9 Exponential Moving Average (EMA) line. The last day has seen the legacy crypto rise above the line, but BTC was unable to maintain the position.

The previous 4-hour candle saw bulls drag BTC’s price above the 9 EMA level once more to elevate the price towards $20,200. Similar to the previous break above the 9 EMA, the move was short-lived as a surge of bearish volume made its presence felt – pushing the price down to around $19,600.

The RSI and MACD indicators currently contradict each other when representing the situation in the market at the moment. The RSI line is crossing below the RSI SMA line, which is bearish. Meanwhile, the MACD line is positioned above the MACD signal with a positive slope, which is a bullish indication.

The outlook for BTC for the coming day will be dependent on the position of BTC’s price relative to the 9 EMA line on the latest 4-hour candle close.

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