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Saturday, August 20, 2022
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    HomeMarketBitcoin Faces Hurdle, Why BTC Could Resume Downtrend

    Bitcoin Faces Hurdle, Why BTC Could Resume Downtrend

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    Bitcoin struggled to clear the $38,800 resistance zone in opposition to the US Greenback. BTC is shifting decrease and would possibly decline under the $35,000 help degree.

    • Bitcoin began an upside correction however didn’t clear the $38,800 resistance zone.
    • The value is now buying and selling under $37,500 and the 100 hourly easy shifting common.
    • There was a break under a key bullish pattern line with help close to $37,650 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may proceed to maneuver down if it stays under the $38,000 resistance zone.

    Bitcoin Worth Begins Contemporary Lower

    Bitcoin value recovered above the $37,000 resistance zone. BTC even climbed above the $38,000 resistance zone and the 100 hourly easy shifting common.

    Nevertheless, the value didn’t clear the $38,800 resistance zone. A excessive was shaped close to $38,719 and the value began a contemporary decline. There was a transfer under the $38,000 help degree. The bears pushed the value under the 50% Fib retracement degree of the upward transfer from the $35,561 swing low to $38,719 excessive.

    Moreover, there was a break under a key bullish pattern line with help close to $37,650 on the hourly chart of the BTC/USD pair. The pair traded under $37,200 and the 100 hourly simple moving average.

    It’s now testing the $36,800 help zone. The acknowledged degree is close to the 61.8% Fib retracement degree of the upward transfer from the $35,561 swing low to $38,719 excessive. On the upside, an preliminary resistance is close to the $37,400 degree and the 100 hourly SMA.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance is close to the $38,000 zone. The primary resistance remains to be close to the $38,800 zone. An upside break above the $38,800 resistance may begin a gentle upward transfer. The following key resistance is close to the $40,000 degree, above which the bulls would possibly acquire power.

    Extra Losses in BTC?

    If bitcoin fails to start out a contemporary enhance above $38,000, it may proceed to maneuver down. A right away help on the draw back is close to the $36,000 zone.

    The primary main help is seen close to the $35,500 zone. A draw back break under the $35,500 help zone could maybe push the value in direction of the $34,000 help zone.

    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 degree.

    Main Assist Ranges – $36,500, adopted by $35,500.

    Main Resistance Ranges – $37,400, $38,000 and $38,800.



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