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Monday, February 6, 2023
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    HomeMarketBitcoin Price Consolidates Below Resistance and At Risk of Minor Pullback

    Bitcoin Price Consolidates Below Resistance and At Risk of Minor Pullback

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    Bitcoin worth is dealing with resistance close to the $21,500 zone. BTC may appropriate decrease if there’s a clear transfer under the $20,880 help zone.

    • Bitcoin appears to be dealing with a robust resistance close to the $21,450 and $21,500 ranges.
    • The worth is buying and selling above $20,500 and the 100 hourly easy transferring common.
    • There’s a key bullish development line forming with help close to $20,920 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a draw back correction under the $20,880 and $20,750 help ranges.

    Bitcoin Value Faces Resistance

    Bitcoin worth began a strong increase above the $20,000 resistance zone. BTC was capable of climb above the $20,500 and $21,000 ranges to begin a serious uptrend.

    Lastly, the value examined the $21,500 resistance zone. A excessive is shaped close to $21,485 and the value is now consolidating good points. There was a minor decline under the $21,200 degree. The worth declined under the 23.6% Fib retracement degree of the upward wave from the $20,249 swing low to $21,489 excessive.

    Bitcoin worth is now buying and selling above $20,500 and the 100 hourly simple moving average. There may be additionally a key bullish development line forming with help close to $20,920 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    On the upside, a right away resistance is close to the $21,250 degree. The subsequent main resistance is close to the $21,500 zone, above which the value may begin one other regular improve. Within the acknowledged case, the value could maybe rise in the direction of the $22,000 degree. Any extra good points may ship btc worth in the direction of the $22,500 degree.

    Draw back Correction in BTC?

    If bitcoin worth fails to clear the $21,500 resistance, it may slowly transfer down. An instantaneous help on the draw back is close to the $21,000 zone and the development line.

    The subsequent main help is close to the $20,720 degree. It’s close to the 61.8% Fib retracement degree of the upward wave from the $20,249 swing low to $21,489 excessive. The primary help is now forming close to the $20,500 degree, under which the value may retest $20,000. Any extra losses may ship the value to $19,000.

    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 above the 50 degree.

    Main Help Ranges – $20,720, adopted by $20,500.

    Main Resistance Ranges – $21,250, $21,500 and $22,000.



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