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Bitcoin Price Analysis; September 20, 2022

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Bitcoin price bounced back from $18,223. With that, the price moved back above $19,000 but is currently facing the SMA100. Here is a summary of Bitcoin price in the past 24 hours:

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  • BTC fell down to $18,223 at the lowest price in the past week. But, it managed to form a reversal and turned upward.
  • Currently, BTC is trading below $20,000 and the 1-hour candles are below the SMA100.
  • On the 1-hour chart, we see a new downtrend forming with resistance at $19,650.
  • In order to turn bullish, Bitcoin must surpass the $19,650 and the SMA100.

Bitcoin Price Action Analysis

Bitcoin price stabilized below $19,000 and lost the $18,500 support then reached a low of $18,223. Despite that, it did not test the $18,000 support since the buyers rose to support it.

Subsequently, BTC took back $18,500 and $18,800. Then, it moved above the 50% Fibonacci retracement level from the latest fall from $20,198 to $18,223. It even had a spike up to $19,500 but once again the sellers took back control on the SMA100. On the 1-hour chart, we see a new downtrend forming with resistance at $19,650. This level is right on the 76.4% Fibonacci retracement level from the latest dip.

The $19,600 is the first resistance level for Bitcoin followed by the key level at $20,000. Further growth can push BTC up to $20,500. Furthermore, if the buyers remain strong, BTC can touch $21,200.

On the other hand, if Bitcoin price fails to surpass $19,600, there could be a new downtrend. In which case, the $19,200 will be the first support level followed by $18,850. Losing the $18,850 and $18,500 can bring the price down to $18,223 and lower.

The Technical Indicators

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

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

Resistance levels: Right now, the $19,600, $20,000 and $20,500 are crucial resistance levels for BTC.

Support levels: The $18,850 is currently the key support level for the price.


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