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Thursday, December 1, 2022
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    HomeMarketBitcoin Breaks Key Support, Why BTC Could Dive Below $40K

    Bitcoin Breaks Key Support, Why BTC Could Dive Below $40K

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    Bitcoin began a contemporary decline from properly above the $44,000 stage towards the US Greenback. BTC broke the $42,500 assist and stays at a danger of extra downsides.

    • Bitcoin traded under an vital assist zone at $42,500.
    • The value is buying and selling under $42,500 and the 100 hourly easy shifting common.
    • There’s a key bearish pattern line forming with resistance close to $42,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may decline additional if it fails to recuperate above the $42,800 zone.

    Bitcoin Value Extends Decline

    Bitcoin worth didn’t clear the $45,500 resistance and began a major decline. BTC traded under the $43,200 and USD 42,500 assist ranges to maneuver right into a short-term bearish zone.

    There was additionally an in depth under the $42,50 stage and the 100 hourly easy shifting common. A low was fashioned close to $41,573 and the worth is now consolidating losses. A right away resistance is close to the $42,000 stage. The primary main resistance is close to the $42,200 stage.

    Moreover, there may be additionally a key bearish pattern line forming with resistance close to $42,200 on the hourly chart of the BTC/USD pair. The following key resistance might be $42,500 or the 23.6% Fib retracement stage of the latest decline from the $45,900 excessive to $41,573 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The principle resistance appears to be forming close to the $42,850 stage or the 100 hourly easy shifting common. A transparent transfer above the 100 hourly simple moving average may ship the worth to $43,750. It’s close to the 50% Fib retracement stage of the latest decline from the $45,900 excessive to $41,573 low.

    Extra Losses in BTC?

    If bitcoin fails to begin a contemporary improve above $42,850, it may proceed to maneuver down. A right away assist on the draw back is close to the $41,600 zone.

    The following main assist is seen close to the $41,200 stage. If there’s a draw back break under the $41,200 assist, the worth may begin a significant decline in the direction of the $40,000 stage.

    Technical indicators:

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

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

    Main Help Ranges – $41,600, adopted by $41,200.

    Main Resistance Ranges – $42,200, $42,850 and $43,000.



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