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Wednesday, December 7, 2022
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    HomeMarketBitcoin Faces Another Rejection, Can Bulls Save The Day

    Bitcoin Faces Another Rejection, Can Bulls Save The Day

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    Bitcoin spiked above the $20,500 resistance towards the US Greenback. BTC is now struggling close to $19,800, with a significant assist close to the $19,600 zone.

    • Bitcoin made one other try to realize power above $20,500 however failed.
    • The worth is now buying and selling above the $19,500 stage and the 100 hourly easy shifting common.
    • There’s a key bullish pattern line forming with assist close to $19,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may rise once more until there’s a clear transfer beneath the $19,500 assist zone.

    Bitcoin Value Faces Hurdles

    Bitcoin value remained supported above the $19,500 zone. BTC began one other enhance and climbed above the $20,000 resistance zone.

    There was a spike above the $20,500 resistance zone however the bulls failed to realize power. A excessive was shaped close to $20,732 and the worth corrected positive aspects. There was a drop beneath the $20,200 and $20,000 assist ranges.

    Bitcoin traded beneath the 50% Fib retracement stage of the upward transfer from the $19,300 swing low to $20,732 swing excessive. It’s now buying and selling above the $19,500 stage and the 100 hourly simple moving average. There’s additionally a key bullish pattern line forming with assist close to $19,550 on the hourly chart of the BTC/USD pair.

    On the upside, the worth is dealing with resistance close to the $20,000 and $20,200 ranges. The subsequent key resistance is close to the $20,500 zone. An in depth above the $20,500 resistance zone may open the doorways for a good enhance.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Within the said case, the worth may climb in direction of the $21,200 stage. The subsequent main resistance sits close to the $21,500 stage.

    Extra Losses in BTC?

    If bitcoin fails to clear the $20,500 resistance zone, it may proceed to maneuver down. An instantaneous assist on the draw back is close to the $19,650 stage. It’s close to the 76.4% Fib retracement stage of the upward transfer from the $19,300 swing low to $20,732 swing excessive.

    The subsequent main assist now sits close to the $19,500 stage or the pattern line zone. An in depth beneath the $19,500 assist zone may enhance promoting strain. Within the said case, the worth might maybe decline in direction of the $18,740 stage.

    Technical indicators:

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

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

    Main Assist Ranges – $19,650, adopted by $19,500.

    Main Resistance Ranges – $20,200, $20,500 and $21,200.



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