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Monday, November 28, 2022
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    HomeMarketBitcoin Holds Uptrend Support, What Could Trigger Sharp Decline

    Bitcoin Holds Uptrend Support, What Could Trigger Sharp Decline

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    Bitcoin began a contemporary enhance above the $41,000 resistance in opposition to the US Greenback. BTC is struggling close to $41,500, however it’s nonetheless above the $40,000 help.

    • Bitcoin is buying and selling effectively above the $40,000 help zone.
    • The worth is buying and selling above $39,800 and the 100 hourly easy transferring common.
    • There’s a key bullish pattern line forming with help close to $40,050 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a pointy decline if there’s a clear transfer beneath the $39,000 help.

    Bitcoin Value Stays Supported

    Bitcoin value remained beneath the $41,500 resistance level. BTC fashioned a excessive close to $41,470 and is at present transferring decrease. There was a decline beneath the $41,000 stage.

    The worth additionally traded beneath the 23.6% Fib retracement stage of the upward transfer from the $39,311 swing low to $41,470 excessive. Nevertheless, the value continues to be buying and selling effectively above $39,800 and the 100 hourly simple moving average.

    It’s buying and selling close to the 50% Fib retracement stage of the upward transfer from the $39,311 swing low to $41,470 excessive. There may be additionally a key bullish pattern line forming with help close to $40,050 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    On the upside, the value is going through resistance close to the $41,000 stage. The subsequent main resistance might be close to the latest excessive or $41,500. A profitable break and shut above the $41,500 stage may begin a gentle enhance. Within the said case, the value may rise in direction of the $42,000 stage. Any extra good points may ship the value in direction of the $42,500 stage within the close to time period.

    Draw back Break in BTC?

    If bitcoin fails to clear the $41,500 resistance zone, it may proceed to maneuver down. A right away help on the draw back is close to the $40,350 zone.

    The subsequent main help is seen close to the $40,000 stage and the pattern line. The primary help continues to be close to the $39,000 zone and the 100 hourly easy transferring common. A draw back break beneath the $39,000 help zone may begin a pointy decline. On this case, the value could maybe decline in direction of the $37,500 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 beneath the 50 stage.

    Main Assist Ranges – $40,000, adopted by $39,000.

    Main Resistance Ranges – $41,000, $41,500 and $42,500.



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