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Saturday, December 3, 2022
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    HomeMarketBitcoin Price Grinds Lower But The Key Breakdown Support Is Still Intact

    Bitcoin Price Grinds Lower But The Key Breakdown Support Is Still Intact

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    Bitcoin worth slowly moved decrease beneath $19,200 in opposition to the US Greenback. BTC remains to be buying and selling above the principle breakdown help close to the $18,500 zone.

    • Bitcoin is slowly transferring decrease and there was a spike beneath the $19,000 degree.
    • The worth is buying and selling beneath $19,200 and the 100 hourly easy transferring common.
    • There’s a key bearish development line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a gentle enhance if there’s a clear transfer above $19,200 after which $19,500.

    Bitcoin Worth Holds Assist

    Bitcoin worth began a slow decline from just above the $19,500 resistance zone. BTC declined beneath the $19,250 and $19,200 help ranges to maneuver right into a short-term bearish zone.

    The bears even pushed the worth beneath the $19,000 degree and there was an in depth beneath the 100 hourly easy transferring common. The worth traded as little as $18,900 and is at present correcting larger. There was a transfer above the $19,000 degree.

    Bitcoin price is now trading below $19,200 and the 100 hourly easy transferring common. There’s additionally a key bearish development line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair.

    On the upside, a direct resistance is close to the $19,090 degree. It’s near the 23.6% Fib retracement degree of the current decline from the $19,697 swing excessive to $18,900 low. The primary main resistance sits close to the $19,200 degree and the development line.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent main resistance is likely to be $19,300 or the 50% Fib retracement degree of the current decline from the $19,697 swing excessive to $18,900 low. A transparent transfer above the $19,300 resistance may begin a good enhance. Within the acknowledged case, the worth could maybe check the $19,500 resistance. Any extra positive aspects may begin a gentle enhance in direction of the $20,000 resistance zone.

    Draw back Break in BTC?

    If bitcoin fails to rise above the $19,300 resistance zone, it may proceed to maneuver down. A direct help on the draw back is close to the $19,000 zone.

    The subsequent main help is close to the $18,900 zone. A draw back break may ship the worth in direction of the principle breakdown help at $18,500. Any extra losses may ship the worth additional decrease in direction of $17,800 and promoting strain may enhance.

    Technical indicators:

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

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

    Main Assist Ranges – $19,000, adopted by $18,900.

    Main Resistance Ranges – $19,200, $19,300 and $19,500.



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