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Saturday, January 28, 2023
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    HomeMarketBitcoin Price Could End The Year Further Lower, Key Resistance Intact

    Bitcoin Price Could End The Year Further Lower, Key Resistance Intact

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    Bitcoin value is struggling to clear the $17,000 resistance. BTC stays at a danger of extra downsides under the $16,000 assist zone earlier than the 12 months finish.

    • Bitcoin is exhibiting bearish indicators under the $17,000 and $17,200 resistance ranges.
    • The worth is buying and selling under $16,700 and the 100 hourly easy transferring common.
    • There was a break above a connecting bearish pattern line with resistance close to $16,610 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might resume its decline if it stays under the $17,000 resistance zone.

    Bitcoin Value Faces Resistance

    Bitcoin value gained tempo under the $16,800 assist zone. BTC even extended its decline under the $16,700 stage and the 100 hourly easy transferring common.

    The worth traded as little as $16,453 and is at present correcting losses. There was a transfer above the $16,500 and $16,550 ranges. The worth climbed above the 23.6% Fib retracement stage of the current decline from the $16,960 swing excessive to $16,453 low.

    There was additionally a break above a connecting bearish pattern line with resistance close to $16,610 on the hourly chart of the BTC/USD pair. Nonetheless, bitcoin value is now buying and selling under $16,700 and the 100 hourly simple moving average.

    On the upside, a right away resistance is close to the $16,650 stage. The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement stage of the current decline from the $16,960 swing excessive to $16,453 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The important thing breakout zone continues to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance may begin a gentle enhance within the close to time period. The following main resistance is close to $17,500, above which the worth rise in direction of the $18,000 resistance zone.

    Contemporary Decline in BTC?

    If bitcoin fails to start out a restoration wave above the $16,700 resistance, it might begin one other decline. A right away assist on the draw back is close to the $16,450 stage or the current low.

    The following main assist is close to the $16,250 stage. A transparent transfer under the $16,250 assist may spark a transfer in direction of the $16,000 stage. Any extra losses may ship the worth in direction of $15,500.

    Technical indicators:

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

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 stage.

    Main Assist Ranges – $16,450, adopted by $16,250.

    Main Resistance Ranges – $16,700, $17,000 and $17,200.



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