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Bitcoin Price Analysis Ahead Of Its Monthly Close, Will $20,500 Hold As Support?

Byharjotsinghjaspal

Oct 31, 2022
Bitcoin
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  • BTC’s price shows strength as it bounces from a downtrend range price rallied to a high of $20,500 with eyes set on $22,000. 
  • BTC could rally more as the price creates more bullish bias by breaking out of a downtrend descending triangle with eyes set on rallying higher.
  • BTC’s price remains strong on the daily timeframe abo the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price action displayed by Bitcoin (BTC) in the past few days has been impeccably high, with the price rallying from a low of $18,800 to a high of $21,500, forming a more bullish bias with eyes set for more rallies ahead of its monthly close. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs recently, rallying from a low of $0.055 to a high of $0.15, with many others as Bitcoin (BTC) continues to lead the charge for more price recoveries. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart.

Bitcoin (BTC) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of BTC has enjoyed a measure of relief after showing so much strength on the weekly low, rallying from a low of $18,800 to a high of $20,500 as the price of BTC formed support above this region for more rallies.

Past weeks have been nothing short of a boring and difficult moment for BTC and the whole of the crypto industry as the price of BTC continued its range between $18,800 to $19,200 before showing strength to rally past this region, acting as a block for price rallies. 

After its weekly close of above $20,500, BTC’s price looked stronger as the price of BTC geared up for more upside price moves.; the price has faced a minor rejection to break higher to a region of $21,000.

Weekly resistance for the price of BTC – $21,200.

Weekly support for the price of BTC – $20,500-$19,800.

Price Analysis Of BTC On The Daily (1D) Chart

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

In the daily timeframe, the price of BTC continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $20,800 as BTC price formed a good support around $20,500. Still, the price of BTC faces a little rejection; flipping $21,200 into support would lead to more upside to a region of $22,000 for BTC. 

The price of BTC is struggling to break and close above $21,200, which corresponds to the 32.8% Fibonacci retracement value (Fib Value); if the price breaks and closes, we could see the price rally to $22,500 at 61.8% Fib value.

Daily resistance for the APE price – $5-$6.

Daily support for the APE price – $4.5.

32.8% Fib Value – $21,200

61.8% Fib Value – $22,500

Featured Image From zipmex, Charts From Tradingview



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