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Sunday, August 14, 2022
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    HomeMarketBitcoin Price Reclaims $20K, Can BTC Surpass The 100 SMA

    Bitcoin Price Reclaims $20K, Can BTC Surpass The 100 SMA

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    Bitcoin prolonged losses and traded under $19,200 towards the US Greenback. BTC discovered assist close to $19,000 and began an upside correction.

    • Bitcoin traded as little as $18,916 and began an upside correction.
    • The worth is now buying and selling above the $20,000 stage and testing the 100 hourly easy transferring common.
    • There was a break above a key bearish pattern line with resistance close to $19,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may achieve bullish momentum if it clears the 100 hourly SMA and $20,600.

    Bitcoin Worth Recovers Above $20K

    Bitcoin worth began a fresh decline under the $20,000 assist zone. The worth even broke the $19,600 and $19,250 assist ranges.

    Lastly, there was a spike under the $19,000 stage. A low was fashioned close to $18,916 and the value is now correcting losses. There was a gentle transfer above the $19,250 and $19,500 ranges. The bulls pumped the value above the 23.6% Fib retracement stage of the downward transfer from the $22,499 swing excessive to $18,916 low.

    Apart from, there was a break above a key bearish pattern line with resistance close to $19,400 on the hourly chart of the BTC/USD pair. The worth even climbed above the $20,000 resistance stage.

    Bitcoin is now buying and selling above the $20,000 stage and testing the 100 hourly simple moving average. It appears to be dealing with resistance close to the $20,350 stage. On the upside, the value may resistance close to the $20,600 stage. The subsequent key resistance is close to the $20,700 zone.

    The 50% Fib retracement stage of the downward transfer from the $22,499 swing excessive to $18,916 low can also be close to the $20,700 stage. A detailed above the $20,700 resistance zone may set the tempo for an honest improve.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Within the said case, the value could maybe rise in direction of the $21,650 stage. The subsequent main resistance sits close to the $22,000 stage.

    Recent Decline in BTC?

    If bitcoin fails to start out a restoration wave above the $20,600 stage, it may begin a recent decline. An instantaneous assist on the draw back is close to the $20,000 stage.

    The subsequent main assist now sits close to the $19,500 stage. A detailed under the $19,500 assist zone may speed up losses. Within the said case, there’s a threat of a transfer in direction of the $18,800 stage.

    Technical indicators:

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

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

    Main Assist Ranges – $20,000, adopted by $19,500.

    Main Resistance Ranges – $20,350, $20,600 and $20,700.



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