TA: Bitcoin Price Remains Range bound, Why There’s Hope of a Fresh Rally

Sep 23, 2022 04:00 am Cryptocurrency 154

Bitcoin started an upside correction from the $18,150 zone against the US Dollar. BTC is back above $19,200 and a break above $19,500 could spark a fresh rally.

Bitcoin is showing a few positive signs above the $19,000 level.

The price is trading above $19,000 and the 100 hourly simple moving average.

There is a key contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could stage a fresh rally if there is a clear move above the $19,500 resistance zone.

Bitcoin Price Recovers

Bitcoin price remained well bid above the $18,150 level. BTC traded as low as $18,138 and started a decent recovery wave. The price was able to recover above the $18,800 and $19,000 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $19,888 swing high to $18,138 low. The bulls even pushed the price above the $19,200 resistance ..

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