Bitcoin Symmetrical Triangle Breakout – Can BTC Trade Bullish Above $19,200?

Posted Tuesday, October 25, 2022 by
Skerdian Meta • 1 min read

Bitcoin’s price versus the US dollar has corrected lower from $19,650. BTC is holding the $19,200 level and may shortly begin a new rise. Bitcoin price was able to pick up steam and break through the $19,500 resistance level. However, Bitcoin struggled to break beyond the $19,600 barrier. It reached a peak of $19,679 before beginning a downward trend.

There was a correction between $19,500 and $19,400. The price fell below the 23.6% Fib retracement level of the important climb from the swing low of $18,865 to the high of $19,680. The price even dropped below $19,250. The bulls, on the other hand, were aggressive near the $19,200 support level. Bitcoin is currently trading above the $19,200 mark and the 100 hourly simple moving average. It is also stable above the 50% Fib retracement level of the crucial gain from the swing low of $18,865 to the high of $19,680.On the upside, an immediate resistance level is near $19,320. On the hourly chart of the BTC/USD pair, a connecting negative trend line is forming with resistance near $19,320. The first significant resistance is located near the $19,500 level. The next significant resistance level might be $19,650. A clear break above the $19,650 resistance level might drive the price toward the $20,000 level. Any additional gains might pave the stage for a steady rise towards the $21,200 barrier zone.

If bitcoin fails to break through the $19,500 resistance level, it may continue to fall. On the downside, there is immediate support near $19,270. The next significant support is between $19,200 and the 100 hourly simple moving average. A break and closure below $19,200 might pave the way for another test of the $18,800 support.

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