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Tuesday, October 4, 2022
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    HomeMarketBitcoin Price Rallies Above $22K, Why Dips Turn Attractive

    Bitcoin Price Rallies Above $22K, Why Dips Turn Attractive

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    Bitcoin surged almost 10% and broke the $22,000 resistance zone in opposition to the US Greenback. BTC may appropriate decrease, however the bulls may be energetic close to $21,250.

    • Bitcoin jumped and broke a significant hurdle close to the $22,000 zone.
    • The worth is now buying and selling above the $21,500 stage and the 100 hourly easy shifting common.
    • There was a break above a key rising channel with resistance close to $21,125 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may appropriate decrease, however the bulls may be capable of shield the $21,250 assist.

    Bitcoin Value Begins Recent Surge

    Bitcoin worth shaped a base above the $20,000 stage. BTC began a strong increase by clearing the $20,500 and $20,800 resistance ranges.

    There was a pointy enhance and the value climbed above the $21,500 stage. It even broke the $22,000 hurdle and settled above the 100 hourly simple moving average. A excessive is shaped close to $22,498 and the value is now consolidating positive factors.

    It’s buying and selling nicely above the 23.6% Fib retracement stage of the latest enhance from the $19,750 swing low to $22,498 excessive. On the upside, the value is dealing with resistance close to the $22,450 and $22,500 ranges.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent key resistance is close to the $22,800 zone. An in depth above the $22,800 resistance zone may set the tempo for a check of the $23,200 stage. Any extra positive factors may open the doorways for a rise in direction of the $24,000 stage. The subsequent main resistance sits close to the $25,000 stage.

    Dips Supported in BTC?

    If bitcoin fails to clear the $22,500 resistance zone, it may begin a draw back correction. A right away assist on the draw back is close to the $21,850 stage.

    The subsequent main assist now sits close to the $21,250 stage or the damaged channel development line zone. It’s close to the 50% Fib retracement stage of the latest enhance from the $19,750 swing low to $22,498 excessive. An in depth under the $21,250 assist zone may push the value to $20,500. Within the said case, there’s a danger of a transfer in direction of the $20,000 stage.

    Technical indicators:

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

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now within the overbought zone.

    Main Help Ranges – $21,850, adopted by $21,250.

    Main Resistance Ranges – $22,500, $22,800 and $23,200.



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