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Saturday, December 3, 2022
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    HomeMarketBitcoin Price Breakdown Looks Real, Why BTC Could Dive To $18K

    Bitcoin Price Breakdown Looks Real, Why BTC Could Dive To $18K

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    Bitcoin broke the important thing $19,500 help in opposition to the US Greenback. BTC is displaying bearish indicators and stays at a danger of a transfer in the direction of the $18,000 degree.

    • Bitcoin failed to start out a recent enhance and declined beneath the $19,500 help.
    • The value is now buying and selling beneath the $19,000 degree and the 100 hourly easy shifting common.
    • There’s a connecting bearish development line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may appropriate larger, however upsides is likely to be restricted above $19,500.

    Bitcoin Value Takes A Hit

    Bitcoin worth failed to achieve tempo for a transfer above the $20,500 and $20,550 resistance levels. There have been many failed makes an attempt, sparking a draw back response beneath the important thing $19,500 help zone.

    There was a sharp decline below the $19,500 support and the 100 hourly easy shifting common. The value declined beneath the $19,200 and $19,000 ranges. A low is fashioned close to $18,670 and the worth is now consolidating losses.

    It’s now buying and selling beneath the $19,000 degree and the 100 hourly easy shifting common. On the upside, a direct resistance is close to the $19,000 degree. It’s close to the 23.6% Fib retracement degree of the latest decline from the $20,171 swing excessive to $18,670 low.

    The following main resistance sits close to the $19,400 degree. There’s additionally a connecting bearish development line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The development line is close to the 50% Fib retracement degree of the latest decline from the $20,171 swing excessive to $18,670 low. Any extra features would possibly ship the worth in the direction of the $19,800 resistance zone and the 100 hourly easy shifting common.

    Extra Losses in BTC?

    If bitcoin fails to start out a restoration wave above the $19,000 zone, it may proceed to maneuver down. A direct help on the draw back is close to the $18,650 zone.

    The following main help sits close to the $18,500 degree. A draw back break beneath the $18,500 help would possibly spark extra downsides. Within the acknowledged case, the worth could maybe take a look at the $18,000 help.

    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 – $18,650, adopted by $18,500.

    Main Resistance Ranges – $19,000, $19,400 and $19,500.



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