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Thursday, October 6, 2022
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    HomeMarketBitcoin Price Correction To $22k On Horizon After Bears Lose Control At...

    Bitcoin Price Correction To $22k On Horizon After Bears Lose Control At $20k

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    Bitcoin is consolidating close to the $20,000 zone towards the US Greenback. BTC may begin a good restoration wave if it clears the $20,550 resistance zone.

    • Bitcoin is exhibiting just a few optimistic indicators above the $20,000 resistance.
    • The value is now buying and selling above the $20,000 stage and the 100 hourly easy shifting common.
    • There’s a connecting bearish development line forming with resistance close to $20,340 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair should clear the $20,340 zone and $20,550 to start out a gradual improve.

    Bitcoin Worth Struggles

    Bitcoin worth began a minor upside correction above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly easy shifting common.

    It spiked above the $20,500 stage however the bulls struggled to push the value additional larger. A excessive was shaped close to $20,576 earlier than there was a bearish response. The value declined sharply under the $20,000 stage and the 100 hourly simple moving average.

    Nevertheless, it stayed above the $19,500 assist zone. A low is shaped close to $19,555 and the value is now rising. There was a transfer above the 50% Fib retracement stage of the current decline from the $20,576 swing excessive to $19,555 low.

    Bitcoin is now buying and selling above the $20,000 stage and the 100 hourly easy shifting common. On the upside, a direct resistance is close to the $20,340 stage.

    There’s additionally a connecting bearish development line forming with resistance close to $20,340 on the hourly chart of the BTC/USD pair. The development line is close to the 76.4% Fib retracement stage of the current decline from the $20,576 swing excessive to $19,555 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent main resistance sits close to the $20,550 stage. A transparent transfer above the $20,550 resistance may ship the value in direction of $21,000. Any extra good points may ship the value in direction of the $22,000 resistance zone.

    Contemporary Decline in BTC?

    If bitcoin fails to clear the $20,550 resistance zone, it may begin one other decline. A direct assist on the draw back is close to the $20,000 zone.

    The subsequent main assist sits close to the $19,780 stage. A break under the $19,780 assist may push the value to $19,550. Any extra losses may name for a brand new low under $19,500.

    Technical indicators:

    Hourly MACD – The MACD is now gaining tempo within the bullish zone.

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

    Main Help Ranges – $19,780, adopted by $19,500.

    Main Resistance Ranges – $20,340, $20,550 and $21,000.



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