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Sunday, December 4, 2022
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    HomeMarketBitcoin Price Consolidates, Why 100 SMA Could Start A Decent Recovery

    Bitcoin Price Consolidates, Why 100 SMA Could Start A Decent Recovery

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    Bitcoin value remained steady above the $16,000 assist zone. BTC might begin a good restoration wave if there’s a clear transfer above the 100 hourly SMA.

    • Bitcoin remained properly bid above the $16,000 and $15,800 assist ranges.
    • The value is buying and selling under $17,000 and the 100 hourly easy shifting common.
    • There’s a main bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin a restoration wave if it clears the $17,000 resistance zone.

    Bitcoin Worth Faces Hurdles

    Bitcoin price reacted to the downside once again after it did not clear the $17,200 zone. BTC declined under the $17,000 and $16,500 ranges. It even spiked under the $16,200 degree.

    Nonetheless, the bulls have been lively above the $16,000 assist zone. A low was fashioned close to $16,164 and the value began a sluggish improve. There was a transfer above the $16,400 and $16,500 ranges. The value cleared the 50% Fib retracement degree of the latest decline from the $17,149 swing excessive to $16,154 low.

    Bitcoin value is now buying and selling under $17,000 and the 100 hourly simple moving average. It’s testing the 61.8% Fib retracement degree of the latest decline from the $17,149 swing excessive to $16,154 low.

    On the upside, a right away resistance is close to the $16,800 degree. There may be additionally a serious bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair, and the 100 hourly easy shifting common. A transparent transfer above the $17,000 resistance would possibly push the value additional greater.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following main resistance is close to $17,200, above which the value might take a look at the $17,750 zone. Any extra positive factors would possibly ship the value in direction of the $18,000 resistance zone.

    Recent Decline in BTC?

    If bitcoin fails to begin a restoration wave above the $17,000 resistance zone, it might proceed to maneuver down. An instantaneous assist on the draw back is close to the $16,400 degree.

    The following main assist is close to the $16,150 zone. A transparent transfer under the $16,150 assist would possibly push the value additional decrease. On this case, the value might maybe decline in direction of the $15,550 assist zone.

    Technical indicators:

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

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

    Main Help Ranges – $16,150, adopted by $15,550.

    Main Resistance Ranges – $16,800, $17,000 and $17,500.



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