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Tuesday, October 4, 2022
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    HomeMarketBitcoin Price Could Avoid Another Drop if it Closes Above One Key...

    Bitcoin Price Could Avoid Another Drop if it Closes Above One Key Level

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    Bitcoin is struggling to achieve tempo above $21,500 in opposition to the US Greenback. BTC should clear the $22,500 resistance zone to keep away from a recent decline within the close to time period.

    • Bitcoin is struggling to achieve tempo above the $21,500 and $21,600 ranges.
    • The value is now buying and selling above the $21,500 stage and the 100 hourly easy shifting common.
    • There’s a key bearish pattern line forming with resistance close to $22,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin an honest enhance if there’s a shut above the $22,000 resistance zone.

    Bitcoin Worth Faces Hurdles

    Bitcoin worth began a minor upside correction from the $21,000 help zone. BTC was capable of slowly transfer greater above the $21,250 and $21,500 ranges.

    The value even broke the $21,650 stage and the 100 hourly easy shifting common. There was a transparent transfer above the 23.6% Fib retracement stage of the downward transfer from the $24,416 swing excessive to $20,797 low. Nonetheless, the bulls struggled to achieve power for a push in direction of the $22,000 resistance.

    Bitcoin worth is now buying and selling above the $21,500 stage and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $21,750 and $21,800 ranges.

    The primary main resistance on the upside sits close to the $22,000 stage. There may be additionally a key bearish pattern line forming with resistance close to $22,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the pattern line resistance would possibly ship the value in direction of the $22,500 zone.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent main resistance might be close to the $22,650 zone. It’s near the 50% Fib retracement stage of the downward transfer from the $24,416 swing excessive to $20,797 low. Any extra positive aspects would possibly ship the value in direction of the $24,000 resistance zone.

    Recent Decline in BTC?

    If bitcoin fails to clear the $22,000 resistance zone, it might begin one other decline. An instantaneous help on the draw back is close to the $21,500 stage and the 100 hourly easy shifting common.

    The subsequent main help now sits close to the $21,000 stage. An in depth under the $21,000 help would possibly begin one other decline within the close to time period. Within the said case, the value would possibly decline in direction of the $20,000 stage.

    Technical indicators:

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

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

    Main Assist Ranges – $21,500, adopted by $21,000.

    Main Resistance Ranges – $21,750, $22,000 and $22,650.



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