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Sunday, November 27, 2022
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    HomeMarketBitcoin Price Rally Could Gather Pace Above $20.5K: Why Bulls Are In...

    Bitcoin Price Rally Could Gather Pace Above $20.5K: Why Bulls Are In Control

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    Bitcoin value began a powerful rally above $19,650 in opposition to the US Greenback. BTC is buying and selling above $20,000 and will acquire momentum above the $20,500 resistance.

    • Bitcoin began a powerful enhance above the $19,500 and $19,650 resistance ranges.
    • The value is buying and selling above $20,000 and the 100 hourly easy shifting common.
    • There’s a key contracting triangle forming with resistance close to $20,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may begin one other enhance if there’s a clear transfer above the $20,500 resistance.

    Bitcoin Value Begins Contemporary Surge

    Bitcoin price remained well bid above the $19,000 and $19,200 support levels. BTC shaped a base and began a recent enhance above the $19,650 resistance ranges.

    It gained over 5% and there was a transparent transfer above the $20,000 resistance. Throughout the enhance, there was a transfer above a connecting bearish pattern line forming with resistance close to $19,300 on the hourly chart of the BTC/USD pair.

    Bitcoin value is now buying and selling above $20,000 and the 100 hourly simple moving average. A excessive was shaped close to $20,400 and the value is now consolidating features.

    There was a minor decline beneath the 23.6% Fib retracement degree of the current enhance from the $19,266 swing low to $20,400 excessive. On the upside, a direct resistance is close to the $20,300 degree. There’s additionally a key contracting triangle forming with resistance close to $20,300 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance sits close to the $20,400 degree. The following main resistance may be $20,500. A transparent transfer above the $20,500 resistance would possibly ship the value in the direction of the $21,200 resistance. Any extra features would possibly set the tempo for a gentle enhance in the direction of the $22,000 resistance zone.

    Draw back Correction in BTC?

    If bitcoin fails to rise above the $20,500 resistance zone, it may begin a draw back correction. A direct help on the draw back is close to the $20,200 zone.

    The following main help is close to the $19,800 zone. It’s close to the 50% Fib retracement degree of the current enhance from the $19,266 swing low to $20,400 excessive. A draw back break and shut beneath $19,800 would possibly open the doorways for a recent take a look at of the $19,500 help.

    Technical indicators:

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

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

    Main Help Ranges – $20,200, adopted by $19,800.

    Main Resistance Ranges – $20,300, $20,400 and $20,500.



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