{"id":11238,"date":"2022-11-04T02:54:57","date_gmt":"2022-11-04T06:54:57","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11238"},"modified":"2022-11-04T02:54:57","modified_gmt":"2022-11-04T06:54:57","slug":"bitcoin-price-is-showing-early-signs-of-fresh-rally-but-100-sma-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/04\/bitcoin-price-is-showing-early-signs-of-fresh-rally-but-100-sma-is-the-key\/","title":{"rendered":"Bitcoin Price is Showing Early Signs of Fresh Rally, But 100 SMA is the Key"},"content":{"rendered":"

Bitcoin price remained well bid above the $20,000 support zone. BTC is consolidating and might start a fresh rally if it clears the $20,500 resistance zone.<\/em><\/p>\n

Bitcoin traded in a range above the key $20,000 support zone.
\nThe price is trading below $20,500 and the 100 hourly simple moving average.
\nThere is a crucial bearish trend line forming with resistance near $20,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could a fresh rally if it clears the 100 hourly SMA and $20,500.<\/p>\n

Bitcoin Price Consolidates<\/h2>\n

Bitcoin price started a downside correction<\/a> below the $20,600 and $20,500 levels. BTC even traded below the $20,250 level and settled below the 100 hourly simple moving average.<\/p>\n

However, the bulls were active near the $20,000 zone. A low was formed near $20,059 and the price is now consolidating losses. There was a minor increase above the $20,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $20,865 swing high to $20,060 low.<\/p>\n

Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $20,350 level.<\/p>\n

The first major resistance is near the $20,500 level and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $20,500 on the hourly chart of the BTC\/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $20,865 swing high to $20,060 low.<\/p>\n

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

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

A clear move above the $20,500 resistance zone could start another steady increase. The next major resistance is near $21,000, above which the price may perhaps rise towards the $22,000 zone.<\/p>\n

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

If bitcoin fails to clear above the $20,500 resistance zone, it could resume its decline. An immediate support on the downside is near the $20,200 zone.<\/p>\n

The next major support is near the $20,000 zone or the recent low. A clear move below the $20,000 support might push the price further lower. 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 gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $20,200, followed by $20,000.<\/p>\n

Major Resistance Levels \u2013 $20,350, $20,500 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price remained well bid above the $20,000 support zone. BTC is consolidating and might start a fresh rally if it clears the $20,500 resistance zone.<\/em><\/p>\n

Bitcoin traded in a range above the key $20,000 support zone.
\nThe price is trading below $20,500 and the 100 hourly simple moving average.
\nThere is a crucial bearish trend line forming with resistance near $20,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could a fresh rally if it clears the 100 hourly SMA and $20,500.<\/p>\n

Bitcoin Price Consolidates<\/h2>\n

Bitcoin price started a downside correction<\/a> below the $20,600 and $20,500 levels. BTC even traded below the $20,250 level and settled below the 100 hourly simple moving average.<\/p>\n

However, the bulls were active near the $20,000 zone. A low was formed near $20,059 and the price is now consolidating losses. There was a minor increase above the $20,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $20,865 swing high to $20,060 low.<\/p>\n

Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $20,350 level.<\/p>\n

The first major resistance is near the $20,500 level and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $20,500 on the hourly chart of the BTC\/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $20,865 swing high to $20,060 low.<\/p>\n

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

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

A clear move above the $20,500 resistance zone could start another steady increase. The next major resistance is near $21,000, above which the price may perhaps rise towards the $22,000 zone.<\/p>\n

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

If bitcoin fails to clear above the $20,500 resistance zone, it could resume its decline. An immediate support on the downside is near the $20,200 zone.<\/p>\n

The next major support is near the $20,000 zone or the recent low. A clear move below the $20,000 support might push the price further lower. 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 gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $20,200, followed by $20,000.<\/p>\n

Major Resistance Levels \u2013 $20,350, $20,500 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-11238","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\/11238","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=11238"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11238\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11238"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}