TA: Bitcoin Price Forms Bullish Pattern, Why BTC Could Rally Above $20K
September 29 2022 - 10:38PM
NEWSBTC
Bitcoin price is holding gains above the $19,000 level against the
US Dollar. BTC could rally if there is a clear move above the
$19,660 resistance zone. Bitcoin remained stable and consolidated
above the $19,000 support zone. The price is trading above $19,100
and the 100 hourly simple moving average. There is a key bullish
trend line forming with support near $19,220 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could start a
fresh surge if there is a clear move above the $19,660 resistance
zone. Bitcoin Price Consolidates Bitcoin price started a recovery
wave from the $18,500 support zone. BTC bulls remained active above
the $18,500 level and managed to push the price above the $19,000
resistance zone. There was a clear move above the 50% Fib
retracement level of the key decline from the $20,382 swing high to
$18,486 low. The price even climbed above the $19,500 resistance
zone, but the bears were active near the $19,650 and $19,660
levels. Bitcoin price is now consolidating above $19,100 and the
100 hourly simple moving average. There is also a key bullish trend
line forming with support near $19,220 on the hourly chart of the
BTC/USD pair. On the upside, an immediate resistance is near the
$19,500 level. The next major resistance sits near the $19,660
zone. It is close to the 61.8% Fib retracement level of the key
decline from the $20,382 swing high to $18,486 low. Source: BTCUSD
on TradingView.com A clear move above the $19,660 resistance might
start a fresh increase. In the stated case, the price could even
surpass the $20,000 resistance zone. The next major resistance is
near the $20,500 zone, above which the price may perhaps revisit
the $21,000 zone. Another Drop in BTC? If bitcoin fails to rise
above the $19,660 resistance zone, it could start a fresh decline.
An immediate support on the downside is near the $19,350 zone and
the 100 hourly SMA. The next major support is near the $19,220 zone
and the bullish trend line. The main support is near $19,000. Any
more losses might call for a drop towards the $18,500 support zone
in the coming sessions. Technical indicators: Hourly MACD – The
MACD is now losing pace in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,220, followed by $19,000. Major
Resistance Levels – $19,660, $20,000 and $20,500.
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