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Wednesday, August 10, 2022
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    HomeMarketBitcoin Price Could Surge To $22K, Why BTC Remains Supported

    Bitcoin Price Could Surge To $22K, Why BTC Remains Supported

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    Bitcoin began an honest enhance above the $20,000 resistance towards the US Greenback. BTC is buying and selling above $20,500 and eying extra good points in direction of the $22,000 stage.

    • Bitcoin is slowly transferring increased above the $20,000 resistance zone.
    • The value is now buying and selling above the $20,200 stage and testing the 100 hourly easy transferring common.
    • There’s a key bullish development line forming with help close to $20,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair would possibly achieve bullish momentum if it clears the $20,750 and $21,000 ranges.

    Bitcoin Value Beneficial properties Momentum

    Bitcoin worth fashioned a base above the $19,000 stage and began an honest enhance. The value traded above the $20,000 resistance zone to maneuver right into a optimistic zone.

    There was a transparent transfer above the 23.6% Fib retracement stage of the downward transfer from the $22,500 swing excessive to $18,916 low. At first, the worth noticed a rejection close to the $20,500 stage. Nonetheless, the bulls have been lively close to the $19,600 stage.

    Bitcoin began one other enhance above the $20,500 resistance zone. It’s now buying and selling above the $20,200 stage and testing the 100 hourly easy transferring common. There may be additionally a key bullish development line forming with help close to $20,400 on the hourly chart of the BTC/USD pair.

    On the upside, the worth might resistance close to the $20,750 stage. It’s close to the 50% Fib retracement stage of the downward transfer from the $22,500 swing excessive to $18,916 low. The following key resistance is close to the $21,000 zone.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A detailed above the $21,000 resistance zone might set the tempo for an honest enhance. Within the said case, the worth could maybe rise in direction of the $21,650 stage. The following main resistance sits close to the $22,000 stage.

    Recent Decline in BTC?

    If bitcoin fails to clear the $20,750 resistance zone, it might begin a contemporary decline. A direct help on the draw back is close to the $20,500 stage.

    The following main help now sits close to the $20,400 stage and the development line. A detailed under the development line help zone might speed up losses. Within the said case, there’s a threat of a transfer in direction of the $20,000 stage.

    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 Assist Ranges – $20,400, adopted by $20,000.

    Main Resistance Ranges – $20,750, $21,000 and $21,650.



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