{"id":10573,"date":"2022-10-26T04:52:35","date_gmt":"2022-10-26T08:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10573"},"modified":"2022-10-26T04:52:35","modified_gmt":"2022-10-26T08:52:35","slug":"bitcoin-price-rally-could-gather-pace-above-20-5k-why-bulls-are-in-control","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/26\/bitcoin-price-rally-could-gather-pace-above-20-5k-why-bulls-are-in-control\/","title":{"rendered":"Bitcoin Price Rally Could Gather Pace Above $20.5K: Why Bulls Are In Control"},"content":{"rendered":"

Bitcoin price started a strong rally above $19,650 against the US Dollar. BTC is trading above $20,000 and could gain momentum above the $20,500 resistance.<\/em><\/p>\n

Bitcoin started a strong increase above the $19,500 and $19,650 resistance levels.
\nThe price is trading above $20,000 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if there is a clear move above the $20,500 resistance.<\/p>\n

Bitcoin Price Starts Fresh Surge<\/h2>\n

Bitcoin price remained well bid above the $19,000 and $19,200 support levels<\/a>. BTC formed a base and started a fresh increase above the $19,650 resistance levels.<\/p>\n

It gained over 5% and there was a clear move above the $20,000 resistance. During the increase, there was a move above a connecting bearish trend line forming with resistance near $19,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $20,000 and the 100 hourly simple moving average<\/a>. A high was formed near $20,400 and the price is now consolidating gains.<\/p>\n

There was a minor decline below the 23.6% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. On the upside, an immediate resistance is near the $20,300 level. There is also a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance sits near the $20,400 level. The next major resistance might be $20,500. A clear move above the $20,500 resistance might send the price towards the $21,200 resistance. Any more gains might set the pace for a steady increase towards the $22,000 resistance zone.<\/p>\n

Downside Correction in BTC?<\/h2>\n

If bitcoin fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.<\/p>\n

The next major support is near the $19,800 zone. It is near the 50% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. A downside break and close below $19,800 might open the doors for a fresh test of the $19,500 support.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\n

Major Support Levels \u2013 $20,200, followed by $19,800.<\/p>\n

Major Resistance Levels \u2013 $20,300, $20,400 and $20,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a strong rally above $19,650 against the US Dollar. BTC is trading above $20,000 and could gain momentum above the $20,500 resistance.<\/em><\/p>\n

Bitcoin started a strong increase above the $19,500 and $19,650 resistance levels.
\nThe price is trading above $20,000 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if there is a clear move above the $20,500 resistance.<\/p>\n

Bitcoin Price Starts Fresh Surge<\/h2>\n

Bitcoin price remained well bid above the $19,000 and $19,200 support levels<\/a>. BTC formed a base and started a fresh increase above the $19,650 resistance levels.<\/p>\n

It gained over 5% and there was a clear move above the $20,000 resistance. During the increase, there was a move above a connecting bearish trend line forming with resistance near $19,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $20,000 and the 100 hourly simple moving average<\/a>. A high was formed near $20,400 and the price is now consolidating gains.<\/p>\n

There was a minor decline below the 23.6% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. On the upside, an immediate resistance is near the $20,300 level. There is also a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance sits near the $20,400 level. The next major resistance might be $20,500. A clear move above the $20,500 resistance might send the price towards the $21,200 resistance. Any more gains might set the pace for a steady increase towards the $22,000 resistance zone.<\/p>\n

Downside Correction in BTC?<\/h2>\n

If bitcoin fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.<\/p>\n

The next major support is near the $19,800 zone. It is near the 50% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. A downside break and close below $19,800 might open the doors for a fresh test of the $19,500 support.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\n

Major Support Levels \u2013 $20,200, followed by $19,800.<\/p>\n

Major Resistance Levels \u2013 $20,300, $20,400 and $20,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-10573","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=10573"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10573\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10573"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}