TA: Bitcoin Price Reclaims $20K, Why This Could Be The Start of Larger Rally
October 04 2022 - 10:48PM
NEWSBTC
Bitcoin price gained pace for a move above $20,000 against the US
Dollar. BTC is showing positive signs and might rise further above
$20,500. Bitcoin started a steady increase above the $19,200 and
$19,500 resistance levels. The price is trading above $20,000 and
the 100 hourly simple moving average. There is a connecting bullish
trend line forming with support near $20,000 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair is gaining pace
and might rally further above the $20,500 level. Bitcoin Price
Gains Pace Bitcoin price formed a base above the $19,000 level and
started a steady increase. BTC was able to clear the $19,500 and
$19,650 resistance levels. The bulls were able to pump the price
above the $20,000 resistance zone. The price traded as high as
$20,475 and the price is now correcting gains. It is trading above
$20,000 and the 100 hourly simple moving average. Bitcoin is now
slowly moving lower below $20,400. It is trading well above the
23.6% Fib retracement level of the upward move from the $18,937
swing low to $20,475 high. There is also a connecting bullish trend
line forming with support near $20,000 on the hourly chart of the
BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an
immediate resistance is near the $20,450 level. The next major
resistance sits near the $20,500 zone. A clear move above the
$20,500 resistance might start another increase. In the stated
case, the price could even surpass the $21,200 resistance zone. The
next major resistance is near the $22,500 zone. Dips Limited in
BTC? If bitcoin fails to rise above the $20,500 resistance zone, it
could start a downside correction. An immediate support on the
downside is near the $20,100 zone. The next major support is near
the $20,000 zone and the trend line. A downside break below the
trend line might send the price towards $19,700. It is near the 50%
Fib retracement level of the upward move from the $18,937 swing low
to $20,475 high. The main support is near $19,500, below which the
price might drop to $19,200. 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 – $20,100, followed by $20,000. Major
Resistance Levels – $20,500, $21,200 and $22,500.
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