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Bitcoin Price Analysis; October 10, 2022

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Bitcoin price is consolidating above $19,200. In case BTC manages to surpass $19,700, it could form a new rally. Here is a summary of Bitcoin price in the past 24 hours:

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  • BTC is facing resistance at $19,550 and $19,600.
  • Currently, the price is below $20,000 and the 1-hour candles are below the SMA100.
  • On the 1-hour chart, we see BTC moving above a downtrend at $19,450.
  • In case Bitcoin surpasses $19,700, there could be a new rally to follow.

Bitcoin Price Action Analysis

BTC took a downturn at $20,200 and moved below critical support levels at $20,000 and $19,800. Furthermore, the sellers took Bitcoin down below $19,500 and the SMA100. The lowest recorded price in the past few hours has been $19,249 before having a minor recovery. With that, BTC took back $19,500 and broke through the $19,450 which is on a downtrend on the 1-hour chart. Subsequently, the price touched the 23.6% Fibonacci retracement level from the latest all from $20,443 to $19,249. Currently, BTC is trading below $20,000 and the 1-hour candles are below the SMA100.

The fist resistance level for BTC is at $19,550 followed by $19,700 on the SMA100. Closing above$19,700 can bring the price closer to 50% Fibonacci which is very bullish. In which case, the price could quickly approach $20,000 and then regain $20,500.

On the other hand, if Bitcoin price fails to surpass $19,700, the downtrend will continue. For this scenario, the $19,400 is the first support followed by $19,250. Dipping below $19,250 can bring Bitcoin down to $18,500 support.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.

RSI: the 1-hour relative strength index is currently above 50.

Resistance levels: Right now, the $19,700, $20,000 and $20,500 are crucial resistance levels for BTC.

Support levels: The $19,250 is currently the key support level for the price.


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