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Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 385,160,446,184 SHA-256d
  Price Change Price Change % Current Price Bid Price Offer
  -71.14 -0.35% 20,094.43 20,093.14 20,095.23
High Price Low Price Open Price Prev. Close 52 Week Range
20,455.79 20,087.48 20,174.12 20,164.76 17,579.24 - 69,000.00
Exchange Last Trade Size Trade Price Currency
GDAX 11:00:09 0.001000 20,095.61 USD
Price x Volume Volume Base Symbol Related Pairs
307,280,617.22 15,150.62 BTC BTCEUR BTCGBP ETHBTC

TA: Bitcoin Jumps 5%, Why BTC Could Offer Trade Openings On Dips

05/07/2022 4:08am

NEWSBTC


Bitcoin gained pace and cleared the $19,500 resistance against the US Dollar. BTC is now facing resistance and might correct lower to $19,500 in the short-term. Bitcoin gained pace above the $19,500 and $19,600 resistance levels. The price is now trading above the $20,000 level and the 100 hourly simple moving average. There was a move above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair tested the $20,500 resistance zone and might correct in the short-term. Bitcoin Price Gains Pace Bitcoin price formed a base above the $18,720 support zone. As a result, BTC started a decent increase and broke the $19,500 resistance zone. There was a clear move above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC/USD pair. The price even broke the $20,000 resistance and settled above the 100 hourly simple moving average. Bitcoin climbed above the 76.4% Fib retracement level of the key drop from the $20,500 swing high to $18,735 low. However, the bulls struggled to pump the price above the $20,500 resistance zone. A high is formed near $20,450 and the price is consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $18,738 swing low to $20,450 high. On the upside, the price is facing resistance near the $20,450 and $20,500 levels. Source: BTCUSD on TradingView.com The next key resistance is near the $20,920 zone. A clear move above the $20,920 resistance zone could push the price further higher. In the stated case, the price could rise towards the $21,500 level. The next major resistance sits near the $22,200 level. Fresh Decline in BTC? If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level. The next major support now sits near the $19,600 level or the 50% Fib retracement level of the recent increase from the $18,738 swing low to $20,450 high, below which the price could decline heavily. In the stated case, the price may perhaps drop towards the $18,720 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $20,000, followed by $19,500. Major Resistance Levels – $20,500, $20,920 and $21,500.

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1 Year Bitcoin Chart

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1 Month Bitcoin Chart
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