TA: Bitcoin Price Gearing For Another Lift-Off to $21K, Recent Breakout Suggests
September 26 2022 - 10:28PM
NEWSBTC
Bitcoin is gaining pace above the $19,500 resistance against the US
Dollar. BTC could rise further above $20,000 if it stays above the
$19,000 support. Bitcoin started a decent increase and was able to
clear the $19,500 resistance zone. The price is trading above
$19,000 and the 100 hourly simple moving average. There was a break
above a connecting bearish trend line with resistance near $19,220
on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could stage a strong increase if it clears the $20,000
resistance zone. Bitcoin Price Breaks Hurdle Bitcoin price remained
well bid above the $19,000 support zone. The crypto market was able
to recover and BTC climbed higher above the $19,200 resistance
zone. There was a clear move above a connecting bearish trend line
with resistance near $19,220 on the hourly chart of the BTC/USD
pair. The pair even surpassed a major resistance zone near the
$19,500 level to move into a positive zone. Bitcoin price is now
trading above $19,000 and the 100 hourly simple moving average. It
traded as high as $19,863 and is currently consolidating gains. It
is trading well above the 23.6% Fib retracement level of the recent
increase from the $18,645 swing low to $19,863 high. On the upside,
an immediate resistance is near the $19,850 level. The next major
resistance sits near the $20,000 zone. Source: BTCUSD on
TradingView.com A close above the $20,000 level might push the
price further into a bullish zone. In the stated case, the price
could rise towards $20,500. Any more gains might lead the price
higher towards the $21,000 resistance zone. Dips Supported in BTC?
If bitcoin fails to rise above the $20,000 resistance zone, it
could correct lower. An immediate support on the downside is near
the $19,550 zone. The next major support is near the $19,250 zone.
It is near the 50% Fib retracement level of the recent increase
from the $18,645 swing low to $19,863 high. The main support sits
near the $19,000 level, below which the price might move into a
bearish zone. Technical indicators: Hourly MACD – The MACD is now
gaining pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now above the 50 level. Major
Support Levels – $19,550, followed by $19,000. Major Resistance
Levels – $19,850, $20,000 and $20,500.
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