Bitcoin October 17, 2022 – A Reinforced Concrete Resistance

Recent landmarksThe price of Bitcoin (BTC) begins the third week of October by attacking a resistance zone, which is giving it a hard time.

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Bitcoin Price Below $20,000: Blocking Tenacious Resistance

Bitcoin price rises to $19,683 on Bitfinex today, October 17, 2022. Cryptocurrency trades at $19,536 at the time of writing this article. Its price is currently registering a daily gain of 0.75%.

Bitcoin still fails to break through the resistance around $19,500-$19,600. Based on the 5-hour chart of the price of the cryptocurrency, if Bitcoin manages to repeat the scenario of last October 14, by re-crossing this resistance zone, it could attack the $20,000 again.

BTC USD 5h – The resistance at $19,500 – $19,600

October 7 could also serve as a recent benchmark, to build a similar Bitcoin price forecast in the very near term. On that day, the cryptocurrency opened the day just above $20,000, to close it near $19,400. In the days that followed, the $19,500-$19,600 acted as resistance, preventing that move back to $20,000.

These recent swings in the price of Bitcoin thus raise the possibility of a possible return to $20,000, if the bulls finally have enough strength to overcome this zone in which the bears seem to be concentrating.

A dip for a rebound or for a return below $19,000?

Under what conditions could the markets witness a sufficient push towards $20,000? the trader Rekt Capital shared a chart of Bitcoin price on a weekly basis, where it shows the cryptocurrency closed last week, below a bearish resistance line diagonally over several months.

BTC USD on a weekly basis
Publication of Rekt Capital – Source: Twitter

However, Bitcoin opens this week with a new weekly candle that “formed next to resistance”. Rekt Capital believes that the cryptocurrency seems to be heading “for a break”.

A fall in the Bitcoin price that would correspond to a successful retest of this resistance line, “could allow a rise in the short term”. According to Rekt Capital, the markets should thus monitor the downward movements towards $19,000 and the reaction of the bulls which would follow, the strength of which would announce a rebound or, on the contrary, an extension of the fall.

In the second chart, the chart shared by Rekt Capital shows that Bitcoin would be entitled to the next support on a weekly basis, around $18,650.

The bulls are still in trouble, with a Bitcoin that makes the suspense last as to a possible reconquest or not of $ 20,000. By returning above this level within two weeks, the bulls could respect the “uptobernal” tradition.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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