With Bitcoin [BTC] near its range lows again, here’s what’s next

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Bitcoin was perched precariously atop the $19k support zone, at press time. Beneath it lay the lower extremes of a four-month range. It seemed likely that a visit to this area would see a bounce. And yet, such a drop would also show sellers had the upper hand.

Here’s AMBCrypto’s Price Prediction for Bitcoin [BTC] in 2022

If Bitcoin can defend the $19k-level and manage to climb past the $20.4k short-term resistance, a rally to $21.5k would appear feasible. Friday’s bloodbath for the S&P 500 means that Monday’s performance could set the tone for the coming week for both itself and Bitcoin.

Source: BTC/USDT on TradingView

Highlighted in yellow was a range that Bitcoin has traded within since mid-June. The sharp fall in June was halted at the $18.6k support zone, a region that has since been established as the current range’s low. The range high was at $24.5k, with the mid-point at $21.5k. In recent months, all three of these levels have been massively important.

The more times a support is tested, the weaker it gets. This could soon see BTC break beneath the $18.6k-mark. On lower timeframes, the $19k zone is a support to watch out for as well. A daily session close below $18.6k or an hourly session close below $19k could be the beginning of a strong move south for BTC.

The indicators revealed a bearish bias as well. The RSI managed to break past neutral 50 but was unable to hold on to it as support. At press time, it pointed to neutral or slightly bearish momentum on the daily timeframe. The OBV lacked a strong trend as well over the past month. The OBV’s downtrend was arrested in August, so the