{"id":10942,"date":"2022-10-31T17:53:30","date_gmt":"2022-10-31T21:53:30","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10942"},"modified":"2022-10-31T17:53:30","modified_gmt":"2022-10-31T21:53:30","slug":"bitcoin-price-analysis-ahead-of-its-monthly-close-will-20500-hold-as-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/31\/bitcoin-price-analysis-ahead-of-its-monthly-close-will-20500-hold-as-support\/","title":{"rendered":"Bitcoin Price Analysis Ahead Of Its Monthly Close, Will $20,500 Hold As Support?"},"content":{"rendered":"

BTC\u2019s price shows strength as it bounces from a downtrend range price rallied to a high of $20,500 with eyes set on $22,000.\u00a0<\/strong>
\nBTC could rally more as the price creates more bullish bias by breaking out of a downtrend descending triangle with eyes set on rallying higher.<\/strong>
\nBTC\u2019s price remains strong on the daily timeframe abo the 50 Exponential Moving Average (EMA) as the price aims for more rallies.<\/strong><\/p>\n

The price action displayed by Bitcoin (BTC) in the past few days has been impeccably high, with the price rallying from a low of $18,800 to a high of $21,500, forming a more bullish bias with eyes set for more rallies ahead of its monthly close. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs recently, rallying from a low of $0.055 to a high of $0.15, with many others as Bitcoin (BTC) continues to lead the charge for more price recoveries. (Data from Binance)<\/p>\n

Bitcoin (BTC) Price Analysis On The Weekly Chart.<\/h2>\n

Bitcoin (BTC) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of BTC has enjoyed a measure of relief after showing so much strength on the weekly low, rallying from a low of $18,800 to a high of $20,500 as the price of BTC formed support above this region for more rallies.<\/p>\n

Past weeks have been nothing short of a boring and difficult moment for BTC and the whole of the crypto industry as the price of BTC continued its range between $18,800 to $19,200 before showing strength to rally past this region, acting as a block for price rallies.\u00a0<\/p>\n

After its weekly close of above $20,500, BTC\u2019s price looked stronger as the price of BTC geared up for more upside price moves.; the price has faced a minor rejection to break higher to a region of $21,000.<\/p>\n

Weekly resistance for the price of BTC \u2013 $21,200.<\/p>\n

Weekly support for the price of BTC \u2013 $20,500-$19,800.<\/p>\n

Price Analysis Of BTC On The Daily (1D) Chart<\/h2>\n

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

In the daily timeframe, the price of BTC continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $20,800 as BTC price formed a good support around $20,500. Still, the price of BTC faces a little rejection; flipping $21,200 into support would lead to more upside to a region of $22,000 for BTC.\u00a0<\/p>\n

The price of BTC is struggling to break and close above $21,200, which corresponds to the 32.8% Fibonacci retracement value (Fib Value); if the price breaks and closes, we could see the price rally to $22,500 at 61.8% Fib value.<\/p>\n

Daily resistance for the APE price \u2013 $5-$6.<\/p>\n

Daily support for the APE price \u2013 $4.5.<\/p>\n

32.8% Fib Value \u2013 $21,200<\/p>\n

61.8% Fib Value \u2013 $22,500<\/p>\n

Featured Image From zipmex, Charts From Tradingview<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

BTC\u2019s price shows strength as it bounces from a downtrend range price rallied to a high of $20,500 with eyes set on $22,000.\u00a0<\/strong>
\nBTC could rally more as the price creates more bullish bias by breaking out of a downtrend descending triangle with eyes set on rallying higher.<\/strong>
\nBTC\u2019s price remains strong on the daily timeframe abo the 50 Exponential Moving Average (EMA) as the price aims for more rallies.<\/strong><\/p>\n

The price action displayed by Bitcoin (BTC) in the past few days has been impeccably high, with the price rallying from a low of $18,800 to a high of $21,500, forming a more bullish bias with eyes set for more rallies ahead of its monthly close. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs recently, rallying from a low of $0.055 to a high of $0.15, with many others as Bitcoin (BTC) continues to lead the charge for more price recoveries. (Data from Binance)<\/p>\n

Bitcoin (BTC) Price Analysis On The Weekly Chart.<\/h2>\n

Bitcoin (BTC) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of BTC has enjoyed a measure of relief after showing so much strength on the weekly low, rallying from a low of $18,800 to a high of $20,500 as the price of BTC formed support above this region for more rallies.<\/p>\n

Past weeks have been nothing short of a boring and difficult moment for BTC and the whole of the crypto industry as the price of BTC continued its range between $18,800 to $19,200 before showing strength to rally past this region, acting as a block for price rallies.\u00a0<\/p>\n

After its weekly close of above $20,500, BTC\u2019s price looked stronger as the price of BTC geared up for more upside price moves.; the price has faced a minor rejection to break higher to a region of $21,000.<\/p>\n

Weekly resistance for the price of BTC \u2013 $21,200.<\/p>\n

Weekly support for the price of BTC \u2013 $20,500-$19,800.<\/p>\n

Price Analysis Of BTC On The Daily (1D) Chart<\/h2>\n

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

In the daily timeframe, the price of BTC continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $20,800 as BTC price formed a good support around $20,500. Still, the price of BTC faces a little rejection; flipping $21,200 into support would lead to more upside to a region of $22,000 for BTC.\u00a0<\/p>\n

The price of BTC is struggling to break and close above $21,200, which corresponds to the 32.8% Fibonacci retracement value (Fib Value); if the price breaks and closes, we could see the price rally to $22,500 at 61.8% Fib value.<\/p>\n

Daily resistance for the APE price \u2013 $5-$6.<\/p>\n

Daily support for the APE price \u2013 $4.5.<\/p>\n

32.8% Fib Value \u2013 $21,200<\/p>\n

61.8% Fib Value \u2013 $22,500<\/p>\n

Featured Image From zipmex, Charts From Tradingview<\/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-10942","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\/10942","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=10942"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10942\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10942"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}