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Wednesday, October 5, 2022
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    HomeMarketBitcoin Price Below 100 SMA Could Spark Bearish Reaction

    Bitcoin Price Below 100 SMA Could Spark Bearish Reaction

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    Bitcoin is slowly shifting decrease beneath $24,500 towards the US Greenback. BTC may drop within the short-term if it stays beneath the 100 hourly SMA.

    • Bitcoin began a draw back correction after it did not settle above $25,000.
    • The worth is now buying and selling beneath the $24,500 degree and the 100 hourly easy shifting common.
    • There was a break beneath a key bullish pattern line with assist close to $24,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may prolong losses beneath the $23,780 and $23,500 assist ranges within the short-term.

    Bitcoin Value Breaks Assist

    Bitcoin worth tried one other improve above the $24,500 resistance zone. BTC was in a position to leap above the $25,000 resistance level and traded to a brand new month-to-month excessive.

    Nevertheless, the worth failed to remain above the $25,000 degree. A excessive was shaped close to $25,200 and the worth began a draw back correction. There was a transfer beneath the $24,800 and $24,500 ranges. Moreover, there was a break beneath a key bullish pattern line with assist close to $24,300 on the hourly chart of the BTC/USD pair.

    Bitcoin worth is now buying and selling beneath the $24,500 degree and the 100 hourly simple moving average. A low is shaped close to $23,789 and the worth is now consolidating losses.

    There was a minor transfer above the 23.6% Fib retracement degree of the current decline from the $25,200 swing excessive to $24,789 low. On the upside, a right away resistance is close to the $24,300 degree and the 100 hourly easy shifting common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following key resistance is close to the $24,500 zone. It’s close to the 50% Fib retracement degree of the current decline from the $25,200 swing excessive to $24,789 low. An in depth above the $24,500 resistance zone may begin one other improve. Within the said case, the worth might maybe climb above the $25,000 resistance. Any extra good points would possibly ship the worth in the direction of the $25,800 degree.

    Dips Restricted in BTC?

    If bitcoin fails to clear the $24,500 resistance zone, it may proceed to maneuver down. A right away assist on the draw back is close to the $23,780 degree.

    The following main assist now sits close to the $23,500 degree. A draw back break and shut beneath the $23,500 degree would possibly spark a pointy decline. Within the said case, the worth would possibly drop in the direction of the $22,750 degree.

    Technical indicators:

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

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now just under the 50 degree.

    Main Assist Ranges – $23,780, adopted by $23,500.

    Main Resistance Ranges – $24,300, $24,500 and $25,000.



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