{"id":11054,"date":"2022-11-02T03:52:39","date_gmt":"2022-11-02T07:52:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11054"},"modified":"2022-11-02T03:52:39","modified_gmt":"2022-11-02T07:52:39","slug":"bitcoin-price-breaking-this-confluence-resistance-could-spark-a-fresh-surge","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/02\/bitcoin-price-breaking-this-confluence-resistance-could-spark-a-fresh-surge\/","title":{"rendered":"Bitcoin Price Breaking This Confluence Resistance Could Spark a Fresh Surge"},"content":{"rendered":"

Bitcoin price is currently consolidating below $20,650 against the US Dollar. BTC could start a fresh rally if it clears the 100 hourly SMA and then $20,650.<\/em><\/p>\n

Bitcoin is holding gains above the key $20,250 and $20,000 support levels.
\nThe price is trading below $20,650 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it clears the 100 hourly SMA and $20,650.<\/p>\n

Bitcoin Price Remains Stable<\/h2>\n

Bitcoin price found support near the $20,250 zone after a minor downside correction<\/a>. BTC bulls were active above the $20,000 and $20,250 levels.<\/p>\n

A low was formed near $20,250 before the price slowly moved higher. There was a move above the $20,450 resistance level. The price was able to clear the 23.6% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low.<\/p>\n

Bitcoin price is trading below $20,650 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance is near the $20,620 zone and the 100 hourly simple moving average<\/a>. The first major resistance sits near the $20,650 level and the bearish trend line. The trend line is near the 50% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low.<\/p>\n

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

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

A clear move above the $20,650 zone could send the price further higher. The next major resistance is still near $21,000, above which the price may perhaps start a fresh surge. In the stated case, the price may perhaps rise towards the $22,500 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to clear above the $20,650 resistance zone, it could slowly move lower. An immediate support on the downside is near the $20,320 zone.<\/p>\n

The next major support is near the $20,250 zone. The main support sits at $20,000, below which the bears could aim a larger correction. In this case, the price may perhaps decline towards the $19,200 level.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $20,320, followed by $20,250.<\/p>\n

Major Resistance Levels \u2013 $20,650, $20,700 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is currently consolidating below $20,650 against the US Dollar. BTC could start a fresh rally if it clears the 100 hourly SMA and then $20,650.<\/em><\/p>\n

Bitcoin is holding gains above the key $20,250 and $20,000 support levels.
\nThe price is trading below $20,650 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it clears the 100 hourly SMA and $20,650.<\/p>\n

Bitcoin Price Remains Stable<\/h2>\n

Bitcoin price found support near the $20,250 zone after a minor downside correction<\/a>. BTC bulls were active above the $20,000 and $20,250 levels.<\/p>\n

A low was formed near $20,250 before the price slowly moved higher. There was a move above the $20,450 resistance level. The price was able to clear the 23.6% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low.<\/p>\n

Bitcoin price is trading below $20,650 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance is near the $20,620 zone and the 100 hourly simple moving average<\/a>. The first major resistance sits near the $20,650 level and the bearish trend line. The trend line is near the 50% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low.<\/p>\n

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

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

A clear move above the $20,650 zone could send the price further higher. The next major resistance is still near $21,000, above which the price may perhaps start a fresh surge. In the stated case, the price may perhaps rise towards the $22,500 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to clear above the $20,650 resistance zone, it could slowly move lower. An immediate support on the downside is near the $20,320 zone.<\/p>\n

The next major support is near the $20,250 zone. The main support sits at $20,000, below which the bears could aim a larger correction. In this case, the price may perhaps decline towards the $19,200 level.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $20,320, followed by $20,250.<\/p>\n

Major Resistance Levels \u2013 $20,650, $20,700 and $21,000.<\/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-11054","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\/11054","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=11054"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11054\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11054"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}