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Friday, December 2, 2022
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    HomeMarketBitcoin Dips Further, Why BTC Could Revisit $20K

    Bitcoin Dips Further, Why BTC Could Revisit $20K

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    Bitcoin is transferring decrease under the $21,000 zone in opposition to the US Greenback. BTC might achieve bearish momentum under the $20,650 assist zone.

    • Bitcoin struggled to rise above $21,200 and declined in the direction of $20,650.
    • The worth is now under the $21,000 stage and the 100 hourly easy transferring common.
    • There’s a key bearish pattern line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might decline additional if there’s a clear transfer under the $20,650 zone.

    Bitcoin Worth Stays At Threat

    Bitcoin value did not clear the $21,500 resistance zone and began a contemporary decline. The worth declined under the $21,200 and $21,000 ranges.

    There was a transparent transfer under the 50% Fib retracement stage of the upward transfer from the $19,751 swing low to $21,780 excessive. There was additionally a detailed under the $20,800 stage and the 100 hourly easy transferring common.

    Bitcoin examined the $20,600 and $20,500 assist ranges. It’s now consolidating close to the 61.8% Fib retracement stage of the upward transfer from the $19,751 swing low to $21,780 excessive. A direct resistance on the upside is close to the $21,920 stage.

    The subsequent key resistance is close to the $21,000 stage. There’s additionally a key bearish pattern line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the $21,000 stage would possibly begin a decent increase.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Within the said case, the worth might rise above the $21,250 stage. The subsequent main cease is perhaps close to the $21,780 excessive, above which the worth might maybe rise in the direction of the $22,500 stage.

    Extra Losses in BTC?

    If bitcoin fails to clear the $21,250 resistance zone, it might proceed to maneuver down. A direct assist on the draw back is close to the $20,650 zone and $20,500.

    A draw back break under the $20,650 assist zone might begin a serious decline. Within the said case, the worth would possibly slide in the direction of the $20,000 stage. Any extra losses might set the tempo for a transfer in the direction of the $19,200 stage and even $18,800 within the coming periods.

    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 stage.

    Main Assist Ranges – $20,500, adopted by $20,000.

    Main Resistance Ranges – $20,920, $21,250 and $22,500.



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