Bitcoin Price Surges Ahead: Is This The Start of a Bigger Run?
October 20 2024 - 10:06PM
NEWSBTC
Bitcoin price extended gains above the $68,000 resistance zone. BTC
is now consolidating and aiming for more gains above the $69,500
resistance. Bitcoin remained stable and extended gains above the
$68,500 zone. The price is trading above $68,500 and the 100 hourly
Simple moving average. There is a key contracting triangle forming
with support at $68,750 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could rally further if there is a
close above the $69,450 resistance zone. Bitcoin Price Rises Toward
$70,000 Bitcoin price remained supported above the $67,500 zone.
BTC started another minor increase above the $68,000 resistance
zone. The bulls were able to clear the $68,800 barrier. The price
even cleared the $69,000 level. A high was formed near $69,428 and
the price is now consolidating gains. There was a minor decline
below the $69,000 level, but the price is stable above the 23.6%
Fib retracement level of the upward move from the $66,644 swing low
to the $69,428 high. Bitcoin price is now trading above $68,200 and
the 100 hourly Simple moving average. There is also a key
contracting triangle forming with support at $68,750 on the hourly
chart of the BTC/USD pair. On the upside, the price could face
resistance near the $69,200 level. The first key resistance is near
the $69,500 level. A clear move above the $69,500 resistance might
send the price higher. The next key resistance could be $70,000. A
close above the $70,000 resistance might initiate more gains. In
the stated case, the price could rise and test the $71,200
resistance level. Any more gains might send the price toward the
$72,000 resistance level. Another Decline In BTC? If Bitcoin fails
to rise above the $69,500 resistance zone, it could start another
decline. Immediate support on the downside is near the $68,750
level and the triangle’s trend line. The first major support is
near the $68,050 level and the 50% Fib retracement level of the
upward move from the $66,644 swing low to the $69,428 high. The
next support is now near the $67,400 zone. Any more losses might
send the price toward the $66,500 support in the near term.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 50 level. Major Support Levels –
$68,750, followed by $68,500. Major Resistance Levels – $69,500,
and $70,000.
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