TA: Bitcoin Price Remains Range bound, Why There’s Hope of a Fresh Rally
23 Septembre 2022 - 4:38AM
NEWSBTC
Bitcoin started an upside correction from the $18,150 zone against
the US Dollar. BTC is back above $19,200 and a break above $19,500
could spark a fresh rally. Bitcoin is showing a few positive signs
above the $19,000 level. The price is trading above $19,000 and the
100 hourly simple moving average. There is a key contracting
triangle forming with support near $19,200 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could stage a
fresh rally if there is a clear move above the $19,500 resistance
zone. Bitcoin Price Recovers Bitcoin price remained well bid above
the $18,150 level. BTC traded as low as $18,138 and started a
decent recovery wave. The price was able to recover above the
$18,800 and $19,000 resistance levels. There was a move above the
50% Fib retracement level of the downward move from the $19,888
swing high to $18,138 low. The bulls even pushed the price above
the $19,200 resistance zone. It is now trading above $19,000 and
the 100 hourly simple moving average. There is also a key
contracting triangle forming with support near $19,200 on the
hourly chart of the BTC/USD pair. Bitcoin price is showing a few
positive signs above the $19,000 level. On the upside, an immediate
resistance is near the $19,475 level. It is near the 76.4% Fib
retracement level of the downward move from the $19,888 swing high
to $18,138 low. The next major resistance sits near the $19,680
level. Source: BTCUSD on TradingView.com A close above the $19,680
level might start a fresh surge to $20,000. Any more gains might
send the price towards the $20,500 resistance zone. Fresh Decline
in BTC? If bitcoin fails to recover above the $19,680 zone, it
could start a fresh decline. An immediate support on the downside
is near the $19,200 zone and the triangle lower trend line. The
next major support is near the $19,000 level and the 100 hourly
SMA. A clear move below the $19,000 zone could set the pace for a
fresh decline. In the stated case, the price may even test the
$18,500 level. 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 – $19,200, followed by $19,000. Major Resistance
Levels – $19,500, $19,680 and $20,000.
Bitcoin (COIN:BTCUSD)
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