TA: Bitcoin Consolidates Gain: What Could Trigger Fresh Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,494,302,589	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,494,302,589

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.002371	-1.96%	0.118705	0.118713	0.118752

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.002371

-1.96%

0.118705

0.118713

0.118752

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.122029	0.118705	0.121076	0.121076	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.122029

0.118705

0.121076

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	13:48:06	13,735.20	0.118705	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

13:48:06

13,735.20

0.118705

USD

Price x Volume	Volume	Base Symbol	Related Pairs
63,619.86	525,624.66	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

63,619.86

525,624.66

TA: Bitcoin Consolidates Gain: What Could Trigger Fresh Rally

19/10/2021 4:08am

NEWSBTC

Bitcoin is showing positive signs above the $61,200 support against the US Dollar. BTC could start a fresh rally if it clears the $62,200 resistance zone. Bitcoin is trading in a positive zone above the $60,000 and $61,200 levels. The price is now trading above $61,200 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh rally and it might rise towards the $63,500 level in the near term. Bitcoin Price Remains Supported Bitcoin price remained strong above the $60,000 zone and traded in a positive zone. BTC jumped above the $62,000 level before starting a downside correction. A high was formed near the $62,885 before there was a minor decline. The price declined below the $62,000 and $61,200 levels. However, the price remained supported near the $59,200 level and the 100 hourly simple moving average. Recently, the price climbed higher and climbed above $61,200. However, the price is struggling above the $62,200 level. A high was formed near $62,672 before there was another decline. It traded as low as $59,900 and recently recovered above $61,000. Bitcoin surpassed the 50% Fib retracement level of the downside correction from the $62,672 swing high to $59,900 low. There is also a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair. The pair is now testing the 76.4% Fib retracement level of the downside correction from the $62,672 swing high to $59,900 low. On the upside, an initial resistance is near the $62,000 level. The first key resistance is near the $62,200 level. Source: BTCUSD on TradingView.com A clear break above the $62,200 resistance could open the doors for more upsides. The next major resistance sits near the $63,500 level, above which the price might rise towards the $65,000 level. Dips Supported In BTC? If bitcoin fails to clear the $62,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $61,200 level. The first major support is now forming near the $61,000 level, the trend line, and the 100 hourly SMA. A downside break below the $61,000 level could push the price towards $60,000. 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 above the 50 level. Major Support Levels – $61,200, followed by $61,000. Major Resistance Levels – $62,200, $62,850 and $63,500.

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