According to the October 19 Bitcoin analysis; Bitcoin managed to regain the $62,000 level again after a minor correction yesterday. According to technical analysis by NewsBTC’s Aayush Jindal, Bitcoin is showing positive signals above the $61,200 support and could start a fresh rally if it breaks the $62,200 resistance zone:
- Bitcoin is trading in a positive zone above the $60,000 and $61,200 levels.
- The price is now trading above $61,200 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could start a fresh rally and it could rise towards the $63,500 level in the near term.
Bitcoin Continues to Find Support
Although Bitcoin experienced a minor correction, it managed to surpass the $ 62,000 level again. Bitcoin price remained strong above the $60,000 zone and traded in a positive zone. BTC climbed above the $62,000 level before starting a downside correction. A high was formed near $62,885 before starting a minor decline. The price settled below the $62,000 and $61,200 levels. However, it continued to find support near the $59,200 level and the 100 hourly simple moving average. The price is up but it is struggling above the $62,200 level. A high was formed near $62,672 before another decline could occur. It dropped as low as $59,900 and recently climbed above $61,000.
Bitcoin surpassed the 50% Fib retracement level of the downside correction from the $62,672 high to $59,900 high. There is also a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair. The pair is currently testing the 76.4% Fib retracement level of the downside correction from the $62,672 high to $59,900 high. According to Jindal, initial resistance on the upside is near the $62,000 level. The first key resistance is near the $62,200 level.
A clear break above the $62,200 resistance could open the doors for more upsides. The next major resistance is near the $63,500 level, above which the price could rise towards the $65,000 level.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to break past the $62,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $61,200 level. The first major support is now forming near the $61,000 level, the trend line and the 100 hourly SMA. A downside break below the $61,000 level could push the price towards $60,000.
What Are Technical Indicators Saying?
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,200 followed by $61,000
Major Resistance Levels – $62,200, $62,850 and $63,500
Note: You have come to the end of the October 19 Bitcoin price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.