Bitcoin (BTC) Price Analysis Oct 22: Pulled Back, Will the Fall Continue?

According to the Oct 22 Bitcoin analysis; Bitcoin started a downside correction yesterday after setting a new record around 67,000 and slumped as low as $62,050. BTC is now correcting the decline and is at risk of further declines, according to technical analysis from NewsBTC’s Aayush Jindal:

  • Bitcoin climbed above the $65,000 and $66,000 resistance levels before correcting further.
  • The price is now trading below $63,000 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair (data from Kraken).
  • Further declines could accelerate if the pair stays below the $64,000 pivot level.

Bitcoin Experiencing Correction

Bitcoin started a downside correction below the $65,000 support level. There was a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair. The pair is now trading below the $63,000 level and the 100 hourly simple moving average.

A low was formed near $62,050 and the pair is currently consolidating its losses. An immediate resistance, according to Jindal, is near the $63,200 level. This is near the 23.6% Fib retracement level of the downward move from the $66,982 high to $62,050 low. The 100 hourly SMA is also just above the $63,200 level.

$63,200 Key Level for Rise

A clear break above the $63,200 resistance could open the doors for a fresh increase. The next major resistance is near the $64,500 level, above which the price could rise again towards the $66,000 level. The $64,500 resistance is close to the 50% Fib retracement level of the downside move from the $66,982 high to $62,050 high. Any further gains could likely bring the all-time high above the $67,000 level in the near term.

Will Bitcoin Keep Falling?

Jindal says that if Bitcoin fails to break past the $63,200 resistance zone, it may continue its downside correction. Immediate support on the downside is near the $62,200 level. The first major support is now formed near the $62,000 level. A break below the $62,000 support could likely push the price towards the $60,000 support zone.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD is now losing momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
  • Major Support Levels – $62,200 followed by $62,000
  • Major Resistance Levels – $63,200, $64,500 and $66,000

Note: You have come to the end of the Oct 22 Bitcoin price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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