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Saturday, December 3, 2022
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    HomeMarketBitcoin Price Forms Short-Term Bullish Pattern, Why BTC Could Rise To $20K

    Bitcoin Price Forms Short-Term Bullish Pattern, Why BTC Could Rise To $20K

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    Bitcoin worth is consolidating close to the $19,000 degree in opposition to the US Greenback. BTC appears to be forming a short-term bullish sample and may rise in direction of $20,000.

    • Bitcoin is struggling to realize tempo for a transfer above the $19,200 degree.
    • The worth is buying and selling under above $19,400 and the 100 hourly easy transferring common.
    • There’s a new connecting bearish pattern line forming with resistance close to $19,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin a contemporary improve except there’s a clear transfer under the $18,950 degree.

    Bitcoin Value Stays In A Vary

    Bitcoin worth was seen buying and selling in a spread under the $20,000 resistance zone. BTC even settled under the $19,500 degree and the 100 hourly easy transferring common.

    The final swing low was shaped close to $18,860 earlier than there was a minor upside correction. The worth was capable of clear the 23.6% Fib retracement degree of the downward transfer from the $19,560 swing excessive to $18,860 low. The bulls even pushed the worth above the $19,200 degree.

    Nonetheless, the bears have been lively above the $19,200 degree. Bitcoin price struggled to clear the 50% Fib retracement degree of the downward transfer from the $19,560 swing excessive to $18,860 low.

    It’s now buying and selling under above $19,400 and the 100 hourly easy transferring common. It looks like there’s a short-term inverse head and shoulders sample forming with breakdown assist at $18,950. On the upside, a direct resistance is close to the $19,200 degree. There’s additionally a brand new connecting bearish pattern line forming with resistance close to $19,200 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the pattern line may ship the worth in direction of the $19,500 resistance. Any extra beneficial properties may begin a gentle improve in direction of the $20,000 resistance zone.

    Extra Losses in BTC?

    If bitcoin fails to rise above the $19,200 resistance zone, it might proceed to maneuver down. A right away assist on the draw back is close to the $18,950 zone.

    The following main assist is close to the $18,860 zone. A draw back break under the $18,860 assist zone ship the worth in direction of the $18,550 degree. Any extra losses may name for a drop in direction of the $17,800 assist zone.

    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 under the 50 degree.

    Main Assist Ranges – $18,950, adopted by $18,860.

    Main Resistance Ranges – $19,200, $19,500 and $20,000.



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