Bitcoin Reclaims $20,500; Here Are The Levels You Should Pay Attention To
October 29 2022 - 11:00AM
NEWSBTC
BTC’s price shows strength as it bounces from a downtrend range
price rallied to a high of $20,800 with eyes set on $21,600.
BTC could rally more as the price creates more bullish bias as the
price builds more bullish momentum above $20,300. BTC’s price
remains strong on the daily timeframe above the 50 Exponential
Moving Average (EMA) as the price aims for more rallies. The price
action displayed by Bitcoin (BTC) in the past few days has been
nothing short of tremendous, creating a more bullish scenario
across the crypto market. The crypto market is looking increasingly
welcoming as many altcoins continue producing over 30% gains. The
likes of DOGE have seen some great runs in recent times rallying
from a low of $0.055 to a high of $0.1 after the news broke out of
Elon Musk taking over Twitter, considering he is referred to as
DOGE father. This has affected DOGE positively. (Data from Binance)
Related Reading: Why XRP Holders Who Are Taking Profit Should Check
These Data In The Coming Days Bitcoin (BTC) Price Analysis On The
Weekly Chart. 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 to a
high of $20,800. Previous weeks have been nothing short of a tough
and boring time for BTC price as price continued in its range
movement around $19,000, leading to some altcoins losing their key
support zone despite the market having low liquidity. After its
weekly close of above $19,500, the price of BTC rallied to a high
of $20,300; the price has faced a minor rejection to break higher
to a region of $20,500; the price struggled to break above this
region as the price overcame to rally to $20,800. The price
of BTC has maintained its bullish structure above the $20,500
region, the price of BTC eyes a rally to a region of $21,600 which
could prove to be very key in its price rally to $22,000. If the
price of BTC fails to overcome $21,600, we could see the price drop
to $20,500 or lower as support regions. Weekly resistance for the
price of BTC – $21,600. Weekly Support for the price of BTC –
$20,500. Price Analysis Of BTC On The Daily (1D) Chart In the daily
timeframe, the price of BTC continues to look strong as the price
broke out of its descending triangle, with good volume rallying to
a high of $20,800. ; BTC currently trades at $20,750, just
above its key Support formed at 20,300 after its successful
breakout from a descending triangle. The price of BTC trades above
the 50 EMA, and the 50 EMA corresponds to $19,800, which will act
as Support for the future price decline. 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. Daily resistance for the BTC price –
$21,600. Daily Support for the BTC price – $20,300-$19,800. 32.8%
Fib Value – $21,200 61.8% Fib Value – $22,500. Related Reading:
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