spot_img
Friday, August 19, 2022
More
    HomeMarketBitcoin Price Could Narrowly Avoid a Major Downtrend, Here’s How

    Bitcoin Price Could Narrowly Avoid a Major Downtrend, Here’s How

    -


    Bitcoin prolonged losses under the $22,650 help in opposition to the US Greenback. BTC is making an attempt one other restoration and would possibly face hurdles close to $23,100.

    • Bitcoin remained in a bearish zone and prolonged losses under the $23,500 stage.
    • The worth is now buying and selling under the $23,000 stage and the 100 hourly easy shifting common.
    • There was a break above a short-term bearish development line with resistance close to $22,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair should clear the $23,100 resistance to begin a gentle enhance within the close to time period.

    Bitcoin Value Faces Resistance

    Bitcoin value began a fresh decline after it confronted sellers close to the $23,570 stage. The worth gained bearish momentum after it broke the $23,000 help zone.

    It even traded under the $22,800 stage and the 100 hourly easy shifting common. Lastly, there was a spike under the $22,650 stage. Nonetheless, downsides had been restricted and the value traded as little as $22,400. The worth began a contemporary restoration wave above the $22,800 resistance zone.

    Bitcoin cleared the 23.6% Fib retracement stage of the downward transfer from the $23,570 swing excessive to $22,400 low. In addition to, there was a break above a short-term bearish development line with resistance close to $22,850 on the hourly chart of the BTC/USD pair.

    It’s now buying and selling under the $23,000 stage and the 100 hourly simple moving average. On the upside, bitcoin value is dealing with resistance close to the $23,000 stage and the 100 hourly SMA.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The 50% Fib retracement stage of the downward transfer from the $23,570 swing excessive to $22,400 low can be close to the $23,000 zone. The following key resistance is close to the $23,300 zone. A detailed above the $23,500 resistance zone may begin a gentle enhance. Within the acknowledged case, the value could maybe rise clear the $23,500 resistance.

    Extra Losses in BTC?

    If bitcoin fails to clear the $23,000 resistance zone and the 100 hourly SMA, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $22,800 stage.

    The following main help now sits close to the $22,400 stage. A detailed under the $22,400 stage would possibly begin a transfer in direction of $22,000. Any extra losses would possibly ship the value in direction of $21,200 stage.

    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 stage.

    Main Help Ranges – $22,800, adopted by $22,400.

    Main Resistance Ranges – $23,000, $23,300 and $24,500.



    Source link

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    spot_img

    Latest posts