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Wednesday, November 30, 2022
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    HomeMarketBitcoin Price Breakdown Looks Real, Why BTC Could Dive Below $35K

    Bitcoin Price Breakdown Looks Real, Why BTC Could Dive Below $35K

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    Bitcoin began a robust decline from the $40,000 resistance towards the US Greenback. BTC broke the important thing $37,500 help to maneuver right into a bearish zone.

    • Bitcoin began a robust decline under the $37,500 and $36,500 ranges.
    • The worth is now buying and selling under $37,500 and the 100 hourly easy transferring common.
    • There was a break under a key bullish development line with help close to $39,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair would possibly speed up additional decrease under the $35,000 help zone within the close to time period.

    Bitcoin Worth Dives 8%

    Bitcoin worth struggled to clear the $40,000 resistance zone. BTC shaped a excessive close to $40,029 and began a contemporary decline. There was a significant drop under the $38,500 and $38,000 ranges.

    There was a break under a key bullish development line with help close to $39,250 on the hourly chart of the BTC/USD pair. The pair even declined under the important thing $37,500 help and settled under the 100 hourly simple moving average.

    Lastly, it examined the $35,500 zone and traded as little as $35,407. It’s now consolidating losses close to the $36,200 degree. On the upside, bitcoin worth is now going through resistance close to the $36,500 degree.

    The 23.6% Fib retracement degree of the downward transfer from the $40,029 swing excessive to $35,407 low can also be close to the $36,500 zone. The following key resistance may very well be close to the latest breakdown zone at $37,500, the place the bears would possibly take a stand.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The 50% Fib retracement degree of the downward transfer from the $40,029 swing excessive to $35,407 low can also be close to the $37,500 zone. To start out a contemporary improve, the worth should settle above the $37,500 degree.

    Extra Losses in BTC?

    If bitcoin fails to clear the $36,500 resistance zone, it might proceed to maneuver down. A direct help on the draw back is close to the $36,000 degree.

    The following main help is seen close to the $35,500 degree or the latest low. A draw back break under the $35,500 help would possibly spark one other sharp decline. The following main help may very well be $34,200.

    Technical indicators:

    Hourly MACD – The MACD is now gaining tempo within the bearish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now within the oversold zone.

    Main Help Ranges – $36,000, adopted by $35,500.

    Main Resistance Ranges – $36,500, $37,200 and $37,500.



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