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Friday, December 9, 2022
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    HomeMarketBitcoin Price Forms Bullish Pattern, Why BTC Could Rally Above $20K

    Bitcoin Price Forms Bullish Pattern, Why BTC Could Rally Above $20K

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    Bitcoin value is holding good points above the $19,000 stage in opposition to the US Greenback. BTC may rally if there’s a clear transfer above the $19,660 resistance zone.

    • Bitcoin remained steady and consolidated above the $19,000 assist zone.
    • The worth is buying and selling above $19,100 and the 100 hourly easy shifting common.
    • There’s a key bullish pattern line forming with assist close to $19,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may begin a recent surge if there’s a clear transfer above the $19,660 resistance zone.

    Bitcoin Worth Consolidates

    Bitcoin value began a restoration wave from the $18,500 support zone. BTC bulls remained lively above the $18,500 stage and managed to push the worth above the $19,000 resistance zone.

    There was a transparent transfer above the 50% Fib retracement stage of the important thing decline from the $20,382 swing excessive to $18,486 low. The worth even climbed above the $19,500 resistance zone, however the bears have been lively close to the $19,650 and $19,660 ranges.

    Bitcoin value is now consolidating above $19,100 and the 100 hourly simple moving average. There may be additionally a key bullish pattern line forming with assist close to $19,220 on the hourly chart of the BTC/USD pair.

    On the upside, a direct resistance is close to the $19,500 stage. The following main resistance sits close to the $19,660 zone. It’s near the 61.8% Fib retracement stage of the important thing decline from the $20,382 swing excessive to $18,486 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the $19,660 resistance would possibly begin a recent improve. Within the said case, the worth may even surpass the $20,000 resistance zone. The following main resistance is close to the $20,500 zone, above which the worth could maybe revisit the $21,000 zone.

    One other Drop in BTC?

    If bitcoin fails to rise above the $19,660 resistance zone, it may begin a recent decline. A direct assist on the draw back is close to the $19,350 zone and the 100 hourly SMA.

    The following main assist is close to the $19,220 zone and the bullish pattern line. The primary assist is close to $19,000. Any extra losses would possibly name for a drop in the direction of the $18,500 assist zone within the coming classes.

    Technical indicators:

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

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

    Main Assist Ranges – $19,220, adopted by $19,000.

    Main Resistance Ranges – $19,660, $20,000 and $20,500.



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