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Saturday, January 28, 2023
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    HomeMarketBitcoin Price Consolidates In Key Range, What Could Trigger Next Move

    Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

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    Bitcoin worth continues to be going through resistance under $17,000. BTC might decline closely if there’s a clear transfer under the $16,000 help zone.

    • Bitcoin continues to be displaying bearish indicators under the $16,800 and $17,000 resistance ranges.
    • The worth is buying and selling above $16,500 and the 100 hourly easy shifting common.
    • There was a break above a key bearish development line with resistance close to $16,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might resume its decline if there’s a clear transfer under the $16,000 help.

    Bitcoin Value Stays In Downtrend

    Bitcoin worth spiked under the $16,500 support zone. Nonetheless, BTC bulls had been lively above the $16,200 degree. The worth traded as little as $16,325 and not too long ago began an upside correction.

    There was a minor restoration wave above the $16,500 degree. The worth climbed above the $16,600 degree and the 100 hourly easy shifting common. Nonetheless, the bears had been lively close to the $16,680 zone. A excessive was fashioned close to $16,683 and the value corrected decrease.

    Bitcoin worth declined under 23.6% Fib retracement degree of the upward transfer from the $16,325 low to $16,683 excessive. It discovered help close to the $16,500 degree.

    The worth is buying and selling above the 50% Fib retracement degree of the upward transfer from the $16,325 low to $16,683 excessive. It’s also above $16,500 and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $16,600 degree.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance is close to the $16,680 zone. The following main resistance is close to the $16,800 degree. The important thing breakout zone continues to be close to the $17,000 degree. A transparent transfer above the $17,000 resistance may begin a contemporary enhance within the close to time period.

    Recent Decline in BTC?

    If bitcoin fails to start out a restoration wave above the $16,650 resistance, it might begin one other decline. A right away help on the draw back is close to the $16,500 degree.

    The following main help is close to the $16,350 degree. A transparent transfer under the $16,350 help may spark a transfer in direction of the $16,000 degree. Any extra losses may ship the value in direction of $15,500.

    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 close to the 50 degree.

    Main Help Ranges – $16,500, adopted by $16,350.

    Main Resistance Ranges – $16,600, $16,800 and $17,000.



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