Bitcoin Trades in a Range as It Challenges the Resistance at $19,278

Key Highlights
BTC price is confined between $18,800 and $19,900 price levels
A price rebound or  breakdown is imminent

Bitcoin (BTC) Current Statistics
The current price: $19,201.89
Market Capitalization: $403,328,050,500
Trading Volume: $15,724,931,862
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin (BTC) Price Analysis October 22, 2021
Bitcoin (BTC) is in a downtrend but it is confined in a tight range between $18,800 and $19,900 price levels. Buyers are finding it difficult to keep the price above the 21-day line SMA. Since October 11, the upward move has been restrained by the 21-day line SMA. On the downside, buyers are defending the $18,800 support. Bitcoin will decline to the previous low of $18,161 or $17,605 if the current support is breached.

Fortunately, the BTC price recovered in October 21 when it slumped to the low of $18,673. The bulls bought the dips as Bitcoin rose to the high of $19,210. After the recovery, the candlestick showed a long tail indicating strong buying pressure at the lower levels of price. On the upside, if the BTC price breaks above the moving average lines, the market will rise to $20,400. The bullish momentum will extend to the high of $22,000 if buyers overcome the resistance at $20,400.

Bitcoin Technical Indicators Reading
BTC price is in a range as it is at level 46 of the Relative Strength Index for period 14. The largest crypto is in the downtrend zone despite the upward correction. It is capable of further decline as the price bars are below the moving average lines. Also, the moving average lines are sloping horizontally indicating a sideways move.

Conclusion
On the 4 –hour chart, Bitcoin is confined between the moving average lines. The coin is trading above the 21-day line SMA but below the 50-day line SMA. Bitcoin will trend when the moving average lines are breached. According to the price indicator, Bitcoin is likely to further decline. On October 19 downtrend, Bitcoin made an upward correction and a candle body tested the 61.8% Fibonacci retracement level. The correction implies that BTC will fall to level 1.618 Fibonacci extension or $18,410.80.

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