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Friday, October 7, 2022
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    HomeMarketBitcoin Price Lacks Momentum Above $20K, But Dips Likely To Be Limited

    Bitcoin Price Lacks Momentum Above $20K, But Dips Likely To Be Limited

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    Bitcoin is struggling to realize momentum above $20,000 towards the US Greenback. BTC might rise steadily if there’s a clear transfer above the $20,200 resistance zone.

    • Bitcoin is caught close to the $20,000 zone and buying and selling under the $20,550 resistance.
    • The value is now buying and selling close to the $20,000 stage and the 100 hourly easy shifting common.
    • There’s a main bearish development line forming with resistance close to $20,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin a gradual improve if it clears the $20,200 zone and $20,550 resistance ranges.

    Bitcoin Value Caught Close to $20K

    Bitcoin worth traded in a spread and remained well supported above the $19,550 zone. BTC additionally struggled to clear the $20,500 resistance zone.

    Just lately, there was a recent drop under the $20,000 stage. Nonetheless, the bulls have been energetic close to the $19,500 zone. A low was shaped close to $19,560 and the value began an honest improve. There was a transfer above the $19,800 and $20,000 ranges.

    The bulls pushed the value above the 50% Fib retracement stage of the latest decline from the $20,473 swing excessive to $19,560 low. Bitcoin worth is now buying and selling close to the $20,000 stage and the 100 hourly simple moving average.

    On the upside, a right away resistance is close to the $20,125 stage. It’s close to the 61.8% Fib retracement stage of the latest decline from the $20,473 swing excessive to $19,560 low. There may be additionally a significant bearish development line forming with resistance close to $20,200 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following main resistance sits close to the $20,350 and $20,500 ranges. A transparent transfer above the $20,500 resistance would possibly ship the value in direction of $21,200. Any extra beneficial properties would possibly begin a gradual transfer in direction of the $22,000 resistance zone.

    Dips Restricted in BTC?

    If bitcoin fails to clear the $20,200 resistance zone, it might begin one other decline. A direct help on the draw back is close to the $19,850 zone.

    The following main help sits close to the $19,550 stage. The primary help sits close to the $19,500 stage. A break under the $19,500 help would possibly begin a pointy decline to $19,000. Any extra losses would possibly name for a transfer to $18,500 within the close to time period.

    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 – $19,850, adopted by $19,500.

    Main Resistance Ranges – $20,200, $20,350 and $20,500.



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