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Saturday, December 3, 2022
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    HomeMarketBitcoin Price Downtrend Far From Over, Why BTC Could Test $15K

    Bitcoin Price Downtrend Far From Over, Why BTC Could Test $15K

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    Bitcoin value didn’t clear $18,000 and began a recent decline. BTC is displaying bearish indicators and it would quickly decline in direction of the $15,000 stage.

    • Bitcoin began a recent decline from the $18,000 and $18,150 resistance ranges.
    • The value is buying and selling under $18,000 and the 100 hourly easy transferring common.
    • There’s a key bearish development line forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might resume its decline under the $15,500 assist zone within the close to time period.

    Bitcoin Value Resumes Drop

    Bitcoin value tried a restoration wave above the $17,500 resistance zone. Nonetheless, BTC failed to realize power above the $18,000 resistance and stayed under the 100 hourly easy transferring common.

    A excessive was shaped close to $18,155 and there was a recent decline, just like ethereum, bnb, and ripple. The value declined under the $17,500 and $17,200 assist ranges. The bears pushed the value under the 50% Fib retracement stage of the upward transfer from the $15,555 swing low to $18,155 excessive.

    Bitcoin value is now buying and selling under $18,000 and the 100 hourly easy transferring common. Apart from, there’s a key bearish development line forming with resistance close to $16,400 on the hourly chart of the BTC/USD pair.

    The value additionally spiked as soon as under the 76.4% Fib retracement stage of the upward transfer from the $15,555 swing low to $18,155 excessive. On the upside, an instantaneous resistance is close to the $16,800 stage and the development line. The primary main resistance is close to the $17,000 stage and the 100 hourly easy transferring common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the $17,000 resistance would possibly push the value additional greater. The subsequent main resistance is close to $17,500, above which the value might take a look at the $18,000 zone.

    Extra Losses in BTC?

    If bitcoin fails to start out a restoration wave above the $17,000 resistance zone, it might proceed to maneuver down. A direct assist on the draw back is close to the $16,000 stage.

    The subsequent main assist is close to the $15,550 zone. A transparent transfer under the $15,550 assist would possibly push the value additional decrease. On this case, the value could maybe decline in direction of the $15,000 assist zone.

    Technical indicators:

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

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

    Main Help Ranges – $16,000, adopted by $15,550.

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



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