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Tuesday, October 4, 2022
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    HomeMarketBitcoin Price Dives Below $20K, Why BTC Is Vulnerable To More Losses

    Bitcoin Price Dives Below $20K, Why BTC Is Vulnerable To More Losses

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    Bitcoin began a significant decline and traded beneath $20,000 towards the US Greenback. BTC stays at a threat of extra losses except it recovers above $20,000.

    • Bitcoin began one other decline beneath the $20,200 and $20,000 ranges.
    • The value is now buying and selling beneath the $20,000 degree and the 100 hourly easy shifting common.
    • There’s a key bearish development line forming with resistance close to $20,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might speed up additional decrease beneath the $19,500 help zone within the coming periods.

    Bitcoin Worth Takes Hit

    Bitcoin value did not recuperate above the $22,000 resistance zone. BTC began a contemporary decline beneath the $21,200 and $21,000 help ranges.

    The bears gained power for a push beneath the $20,000 help zone. The value settled beneath the $20,000 degree and the 100 hourly simple moving average. A low is shaped close to $19,525 and the worth is now consolidating losses.

    On the upside, an instantaneous resistance is close to the $19,800 degree. The primary main resistance sits close to the $20,000 degree. It’s close to the 23.6% Fib retracement degree of the downward transfer from the $21,875 swing excessive to $19,525 low.

    Moreover, there’s a key bearish development line forming with resistance close to $20,000 on the hourly chart of the BTC/USD pair. Bitcoin value should clear the $20,000 resistance zone to begin a restoration wave.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent main resistance might be close to the $20,700 zone. It’s near the 50% Fib retracement degree of the downward transfer from the $21,875 swing excessive to $19,525 low. Any extra good points may ship the worth in direction of the $21,000 resistance zone.

    Extra Losses in BTC?

    If bitcoin fails to clear the $20,000 resistance zone, it might proceed to maneuver down. A right away help on the draw back is close to the $19,500 degree and the latest low.

    The subsequent main help sits close to the $19,200 degree. An in depth beneath the $19,200 help may spark a pointy decline. Within the said case, the worth may decline in direction of the $18,500 degree within the coming periods.

    Technical indicators:

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

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

    Main Help Ranges – $19,500, adopted by $19,200.

    Main Resistance Ranges – $19,800, $20,000 and $21,000.



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