RLinda ! BTCUSD-> The bulls are getting stronger in the $20800

Oct 29, 2022

Over the past day, according to CoinMarketCap, the major cryptocurrency has managed to bounce back from the $20,000 mark and is up to $20,800 at the time of writing.
Bitcoin showed a slight bearish correction yesterday, it is showing an upward trend again.
*at the time of analysis bitcoin is strengthening its position above 20800.
A skeptical move at a time when there are no clear fundamental facts to influence the upside. What happened and what to expect?

Traders continue to withdraw huge amounts of BTC from centralized crypto exchanges. The balances on these platforms are currently at nearly 8% - such a low supply of bitcoin on exchanges was last seen four years ago, according to data aggregator Santiment.

All investors and analysts are waiting for the U.S. Federal Reserve's press release. Could the rumor that the Fed's policy will go in a more accommodative direction hold true? - The main question many interested people are asking themselves right now.

On the chart we can see the upward momentum forming, which was almost 10% from the breakout point of the "Downtrending Triangle" resistance

Note that the price is traded above the 200MA and 50MA on the 4h chart, which shows that there is a bullish mood in the market.

The price tests the resistance 20780 for the first time by a false-break and forms a small pullback, but the price holds near the strong support 20000 and we see the price recovery with the further breakdown

The important point at the moment is the resistance at 20783, where the bulls will strengthen their positions.

I expect an uptrend from this area to break down the downside resistance. Bitcoin has a rather strong potential, but everybody is rather skeptical about this movement.

• Short-term target - resistance 22800
  
• The medium-term target is the liquidity zone of 24750.
  
• The next target to which the bulls can aim is the far level of 26700.
  

Regards R.Linda!