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Friday, May 27, 2022
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    HomeEthereumBitcoin Bears Keep Pushing, Why There’s Risk of More Losses

    Bitcoin Bears Keep Pushing, Why There’s Risk of More Losses

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    Bitcoin failed once more to clear the $41,500 resistance zone towards the US Greenback. BTC may lengthen losses if there’s a clear transfer under the $39,200 help zone.

    • Bitcoin made one other try to realize tempo above the $41,500 degree however failed.
    • The worth is now buying and selling under $41,000 and the 100 hourly easy shifting common.
    • There was a break under a key bullish pattern line with help close to $40,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may lengthen decline if there’s a every day shut under the $40,000 help zone.

    Bitcoin Value Trims Beneficial properties

    Bitcoin worth corrected above the $41,000 resistance zone. BTC even cleared the $41,400 degree and tried a transparent transfer above the $41,500 resistance zone.

    Nevertheless, the bears have been energetic close to the $41,500 degree. A excessive was fashioned close to $41,548 and the value began a contemporary decline. There was a transparent transfer under the $41,000 help zone. The worth declined under the 50% Fib retracement degree of the current enhance from the $39,269 swing low to $41,548 excessive.

    In addition to, there was a break under a key bullish pattern line with help close to $40,400 on the hourly chart of the BTC/USD pair. The pair is now buying and selling under $41,000 and the 100 hourly simple moving average.

    It additionally spiked under the 76.4% Fib retracement degree of the current enhance from the $39,269 swing low to $41,548 excessive. A right away resistance on the upside is close to the $40,200 degree. The following key resistance might be $40,400 and the 100 hourly SMA.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    If the bulls capable of clear the $40,400 and $40,500 resistance ranges, the value may begin a good enhance. Within the said case, the value might maybe rise in the direction of the $41,000 resistance zone. Any extra positive factors may set the tempo for a transfer in the direction of the important thing $41,500 degree within the close to time period.

    Extra Losses in BTC?

    If bitcoin fails to clear the $40,400 resistance zone, it may begin one other decline. A right away help on the draw back is close to the $39,650 degree.

    The following main help is seen close to the $39,250 degree. A draw back break under the $39,250 help zone may speed up losses. Within the said case, the value may decline in the direction of the $38,500 degree and even $37,750.

    Technical indicators:

    Hourly MACD – The MACD is now gaining tempo within the bearish zone.

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

    Main Help Ranges – $39,650, adopted by $39,250.

    Main Resistance Ranges – $40,400, $41,000 and $41,500.



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