- The price of bitcoin increased beyond $20,000 but dipped below $21,000.
- On the 4-hours chart, it broke a crucial negative trend line that served as resistance near $19,370.
- If the price breaches the $20,700 and $21,000 marks, the upward trend might resume.
- After encountering obstacles, the EUR/USD and GBP/USD progressively declined.
Technical Analysis of the Bitcoin Price
From the $18,500 area in relation to the US dollar, the price of bitcoin started to steadily rise. BTC/USD moved into a bullish zone after rising above the $19,500 and $20,000 resistance levels.
The pair stabilized above the $20,000 mark, the 100 simple moving average (4-hour red) and the 200 simple moving average, as shown on the 4-hour chart (green, 4-hours).
On the same chart, the price throughout the rise breached a significant negative trend line that served as resistance near $19,370. The $21,000 resistance zone was tested last. Prior to a downward reversal, a peak was established around $21,009.
An early support for the downside is located close to the $20,150 mark. The $19,800 region serves as the primary breakdown assistance. In the following days, bitcoin might fall toward the $19,000 support if there is a downward break.
The price is up against a strong resistance level at $19,700. The $21,000 mark serves as the primary resistance. A close above $21,000 might perhaps signal the beginning of another gradual rise in the coming days.
In the hypothetical situation, the cost might increase to around $22,000. Any further increases might lay the stage for a move in the direction of the $22,500 mark.
Economic News To Trade Today
- BoE Interest Rate Decision: Expected 3.00%, up from the previous 2.25%.
- US Initial Jobless Claims: 220K expected, up from 217K in the previous period.
- US ISM Services PMI for October 2022 is forecast at 55.5, up from the previous reading of 56.7.
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