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NewsBTC 2022-10-05 02:48:04

TA: Bitcoin Price Reclaims $20K, Why This Could Be The Start of Larger Rally

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 pr...

Disclaimer : All crypto price forecasts provided on our website are only for general information. The content should not considered as financial advice, legal advice or any other form of advice meant for your investment. Conduct your own research before investing in any cryptocurrency. Trading is a highly risky business, please consult with your financial advisor before making any decision.