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Tuesday, October 4, 2022
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    HomeMarketBitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact

    Bitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact

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    Bitcoin began an upside correction from the $17,600 zone in opposition to the US Greenback. BTC is now dealing with a powerful resistance close to $20,500 and $21,000.

    • Bitcoin was in a position to get well losses from the $17,600 help zone.
    • The worth is now nonetheless beneath the $20,000 stage and the 100 hourly easy transferring common.
    • There was a break above a key bearish pattern line with resistance close to $19,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair stays at a danger of a recent decline except it settles above the $21,000 resistance zone.

    Bitcoin Value Eyes Regular Restoration

    Bitcoin value adopted a bearish path and declined sharply beneath the $20,000 support zone. It declined over 10% and even spiked beneath the $18,000 stage.

    A low was fashioned close to $17,600 earlier than the worth began an upside correction. There was a restoration wave above the $18,000 and $18,500 resistance ranges. Moreover, there was a break above a key bearish pattern line with resistance close to $19,200 on the hourly chart of the BTC/USD pair.

    Bitcoin climbed above the 50% Fib retracement stage of the important thing decline from the $22,950 excessive to $17,600 low. The worth even spiked above the $20,000 stage and the 100 hourly easy transferring common.

    Nevertheless, the bears had been energetic close to the $20,500 and $20,750 ranges. The 61.8% Fib retracement stage of the important thing decline from the $22,950 excessive to $17,600 low additionally acted as a resistance. The worth is now buying and selling beneath the $20,000 stage and the 100 hourly simple moving average.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    An instantaneous resistance on the upside is close to the $20,200 stage. The primary main resistance is close to the $20,500 stage. Any extra good points may ship the worth in the direction of the $21,000 stage. An in depth above the $21,000 stage might set the tempo for a bigger improve.

    Contemporary Decline in BTC?

    If bitcoin fails to clear the $20,500 resistance zone, it might begin a recent decline. An instantaneous help on the draw back is close to the $19,500 stage.

    The following main help is close to the $18,800 stage. A draw back break beneath the $18,800 help might spark a pointy decline. Within the acknowledged case, the worth might check $17,600.

    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 simply above the 50 stage.

    Main Help Ranges – $19,500, adopted by $18,800.

    Main Resistance Ranges – $20,200, $20,500 and $21,000.



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