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Monday, December 5, 2022
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    HomeMarketBitcoin Bears Keep Pushing, Why BTC Is At Make-or-Break Levels

    Bitcoin Bears Keep Pushing, Why BTC Is At Make-or-Break Levels

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    Bitcoin continues to be consolidating close to the $20,000 zone in opposition to the US Greenback. BTC should clear the $20,550 resistance zone to begin a gentle improve.

    • Bitcoin continues to be struggling to realize tempo above the $20,550 resistance.
    • The worth is now buying and selling close to the $20,000 stage and the 100 hourly easy shifting common.
    • There’s a key bearish pattern line forming with resistance close to $20,330 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair should clear the $20,350 zone and $20,550 to begin a contemporary improve.

    Bitcoin Worth Faces Hurdles

    Bitcoin value remained nicely supported above the $19,550 zone. BTC shaped a base and began a contemporary upward transfer above the $20,000 resistance zone.

    There was a push above the $20,200 stage and the 100 hourly easy shifting common. The worth even cleared the 61.8% Fib retracement stage of the downward transfer from the $20,576 swing excessive to $19,555 low. Nevertheless, the worth stayed under the $20,550 resistance zone.

    Bitcoin value is now buying and selling close to the $20,000 stage and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $20,350 stage.

    There may be additionally a key bearish pattern line forming with resistance close to $20,330 on the hourly chart of the BTC/USD pair. The pattern line is close to the 76.4% Fib retracement stage of the downward transfer from the $20,576 swing excessive to $19,555 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following main resistance sits close to the $20,550 and $20,575 ranges. A transparent transfer above the $20,575 resistance would possibly ship the worth in the direction of $21,000. Any extra positive aspects would possibly begin a gentle transfer in the direction of the $22,000 resistance zone.

    Contemporary Decline in BTC?

    If bitcoin fails to clear the $20,550 resistance zone, it may begin one other decline. A right away help on the draw back is close to the $20,000 zone.

    The following main help sits close to the $19,800 stage. The principle help sits close to the $19,550 stage. A break under the $19,550 help would possibly spark a pointy transfer to $19,000. Any extra losses would possibly name for a transfer to $18,500 within the close to time period.

    Technical indicators:

    Hourly MACD – The MACD is now shedding tempo within the bullish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 stage.

    Main Help Ranges – $19,880, adopted by $19,500.

    Main Resistance Ranges – $20,350, $20,550 and $21,000.



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