TA: Bitcoin Price Reclaims $20K, Why This Could Be The Start of Larger Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,260,308,620,056	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,260,308,620,056

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,323.85	2.11%	64,213.10	64,211.15	64,213.10

Price Change

Price Change %

Current Price

Bid Price

Offer

1,323.85

2.11%

64,213.10

64,211.15

64,213.10

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,546.00	62,565.82	62,868.02	62,889.25	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,546.00

62,565.82

62,868.02

62,889.25

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:17:41	0.000740	64,213.10	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:17:41

0.000740

64,213.10

USD

Price x Volume	Volume	Base Symbol	Related Pairs
292,174,947.24	4,618.90	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

292,174,947.24

4,618.90

TA: Bitcoin Price Reclaims $20K, Why This Could Be The Start of Larger Rally

05/10/2022 3:48am

NEWSBTC

Bitcoin price gained pace for a move above $20,000 against the US Dollar. BTC is showing positive signs and might rise further above $20,500. Bitcoin started a steady increase above the $19,200 and $19,500 resistance levels. The price is trading above $20,000 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is gaining pace and might rally further above the $20,500 level. Bitcoin Price Gains Pace Bitcoin price formed a base above the $19,000 level and started a steady increase. BTC was able to clear the $19,500 and $19,650 resistance levels. The bulls were able to pump the price above the $20,000 resistance zone. The price traded as high as $20,475 and the price is now correcting gains. It is trading above $20,000 and the 100 hourly simple moving average. Bitcoin is now slowly moving lower below $20,400. It is trading well above the 23.6% Fib retracement level of the upward move from the $18,937 swing low to $20,475 high. There is also a connecting bullish trend line forming with support near $20,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone. A clear move above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,200 resistance zone. The next major resistance is near the $22,500 zone. Dips Limited in BTC? If bitcoin fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,100 zone. The next major support is near the $20,000 zone and the trend line. A downside break below the trend line might send the price towards $19,700. It is near the 50% Fib retracement level of the upward move from the $18,937 swing low to $20,475 high. The main support is near $19,500, below which the price might drop to $19,200. 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 – $20,100, followed by $20,000. Major Resistance Levels – $20,500, $21,200 and $22,500.

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