Solar Panel 3D | New Power solution for your home
It's the cheapest, most straightforward way to effortlessly make your own "personal power plant "... and have a perpetual source of cheap green electricity for anything heading our way.
Why does bitcoin's resilience suggest a new rally is coming soon?
Thursday, September 29, 2022
Analysis: Strong buying interest was seen in bitcoin at $18,500 against the US dollar, with the cryptocurrency recovering and a new rally above the $20,000 resistance possible.
Bitcoin held steady, and the "bulls" (buyers) once again protected the $18,500 support zone.
The price trades above $19,000 and the 100 hourly simple moving average.
There is a short-term channel forming with support near $19,280 on the hourly chart of the BTC/USD pair (data from Kraken).
The pair could mark a new rally if there is a clear move above the $19,650 resistance zone.
Bitcoin holds vital support.
Bitcoin retreated well from the $20,000 mark. And while BTC fell below the $19,000 level, the "bulls" (buyers) were active near the $18,500 support zone.
The price has strong support near the $18,500 zone, which moved higher and above the $19,000 resistance zone.
The bulls pushed the price above the 50% Fibonacci retracement level with a bearish move ranging from a high of $20,383 to a low of $18,487.
Bitcoin price is trading above $19,000 and the 100-hour simple moving average (SMA), while on the hourly chart of the BTC/USD pair, there is a short-term channel forming with support near $19,280.
On the upside, the immediate resistance is near the $19,600 level, and the next significant resistance is near the $19,650 zone.
This level is near the 61.8% Fibonacci retracement level, with the bearish move ranging from the high of $20,383 to the low of $18,487.
A close above the $19,650 level could signal a new uptrend.
In this scenario, the price could rise to $20,000, while further upside would take the price closer to the $20,500 resistance zone.
Another dip for BTC?
If the bitcoin price fails to break above the $19,650 resistance zone, it could signal a new downtrend.
Immediate support in this bearish scenario is near the $19,280 zone and the trend line of the channel.
The next significant support is near the $19,200 zone and the 100-hour SMA, while critical support is near $19,000.
Possible further losses would lead to a drop toward the $18,500 support zone in the coming sessions.
Our articles are informational and do not replace specialized consulting services with professional experts.
and YouTube channel ( My project) for WW3
Billy Kasis Video creations 2022
Comments
Post a Comment
Hello