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Friday, December 9, 2022
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    HomeMarketBitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

    Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

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    Bitcoin value struggled to clear the $17,000 resistance. BTC appears to be forming a double prime sample and would possibly dive under the $16,000 assist.

    • Bitcoin tried an upside break above the $17,000 resistance, however failed.
    • The value is buying and selling above $16,300 and the 100 hourly easy transferring common.
    • There was a break under a key bullish development line with assist close to $16,420 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may proceed to say no if it breaks the $16,000 assist zone.

    Bitcoin Worth Battle Continues

    Bitcoin value tried a restoration wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance ranges.

    It even settled above the $16,300 degree and the 100 hourly easy transferring common. Nonetheless, the bears have been energetic close to the $16,800 zone. It looks like the worth confronted one other main rejection close to the $16,800 degree and is forming a double prime sample.

    Bitcoin value began a contemporary decline from the $16,800 zone. There was a break under a key bullish development line with assist close to $16,420 on the hourly chart of the BTC/USD pair.

    It’s now approaching the 23.6% Fib retracement degree of the current enhance from the $15,470 swing low to $16,791 excessive. In addition to, it’s buying and selling above $16,300 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $16,600 degree.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance is close to the $16,800 zone. A profitable transfer above the $16,800 resistance would possibly begin an actual restoration wave. The following main resistance is close to $17,000, above which the worth may acquire tempo for a transfer in direction of the $17,500 zone.

    Contemporary Decline in BTC?

    If bitcoin fails to climb above the $16,800 resistance, it may proceed to maneuver down. A right away assist on the draw back is close to the $16,280 degree and the 100 hourly easy transferring common.

    The following main assist is close to the $16,130 zone or the 50% Fib retracement degree of the current enhance from the $15,470 swing low to $16,791 excessive, under which the worth would possibly acquire bearish momentum. Within the said case, the worth would possibly drop in direction of the $15,500 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 degree.

    Main Help Ranges – $16,280, adopted by $16,130.

    Main Resistance Ranges – $16,800, $17,000 and $18,000.



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