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Tuesday, October 4, 2022
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    HomeMarketBitcoin Key Indicators Suggest Strengthening Case For More Downsides

    Bitcoin Key Indicators Suggest Strengthening Case For More Downsides

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    Bitcoin gained bearish momentum beneath $40,000 towards the US Greenback. BTC is vulnerable to extra downsides in direction of the $37,200 and $36,600 ranges.

    • Bitcoin began one other decline beneath the $40,000 and $39,000 ranges.
    • The worth is buying and selling beneath $39,000 and the 100 hourly easy transferring common.
    • There’s a key bearish development line forming with resistance close to $39,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may proceed to maneuver down until the bulls in a position to push the value above $39,550.

    Bitcoin Value Extends Decline

    Bitcoin value struggled to remain above the $40,000 support zone. Consequently, BTC prolonged decline beneath the $39,550 help zone and the 100 hourly easy transferring common.

    The worth traded beneath the 61.8% Fib retracement degree of the primary enhance from the $37,160 swing low to $42,550 swing excessive. It’s now displaying just a few bearish indicators beneath the $39,200 and $39,000 help ranges.

    Bitcoin can also be testing the 76.4% Fib retracement degree of the primary enhance from the $37,160 swing low to $42,550 swing excessive at $38,430. If there’s a minor restoration wave, the value may face resistance close to the $38,850 degree. The primary main resistance on the upside is close to the $39,000 zone.

    There may be additionally a key bearish development line forming with resistance close to $39,000 on the hourly chart of the BTC/USD pair. If there’s a clear transfer above the $39,000 resistance zone, the value may rise additional.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following main resistance sits close to the $39,550 degree and the 100 hourly SMA, above which there are possibilities of a gradual restoration wave above the $40,000 resistance zone.

    Extra Losses in BTC?

    If bitcoin fails to clear the $39,550 resistance zone, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $38,400 zone.

    The following main help is seen close to the $38,000 degree. The principle help sits close to the final swing low at $37,140. If there’s a draw back break beneath the $37,140 help, the value may achieve bearish momentum. Within the acknowledged case, it may dive in direction of the $36,600 degree and even $36,000.

    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 degree.

    Main Help Ranges – $38,000, adopted by $37,140.

    Main Resistance Ranges – $39,000, $39,550 and $40,000.



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