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Sunday, November 27, 2022
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    HomeMarketBitcoin Price Grinds Lower, Why The Bears Are Not Done Yet

    Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet

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    Bitcoin value is slowly shifting decrease in direction of $15,500. BTC stays at a threat of extra losses except it settles above the $17,000 resistance zone.

    • Bitcoin began a contemporary decline beneath the $16,500 and $16,400 ranges.
    • The value is buying and selling beneath $16,500 and the 100 hourly easy shifting common.
    • There’s a key bearish pattern line forming with resistance close to $16,390 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might begin an honest improve if there’s a transfer above the $16,500 resistance zone.

    Bitcoin Worth Restarts Decline

    Bitcoin value failed to realize tempo above the $17,000 resistance. BTC struggled to remain above the $16,650 stage and began a contemporary decline.

    The current swing excessive was shaped close to $16,795 earlier than the value dropped beneath the $16,500 assist. There was an in depth beneath the $16,500 zone and the 100 hourly simple moving average. The bears even pushed the value in direction of the $16,150 stage.

    A low is shaped close to $16,156 and the value is now consolidating losses. On the upside, a right away resistance is close to the $16,300 stage. It’s close to the 23.6% Fib retracement stage of the current decline from the $16,795 swing excessive to $16,156 low.

    The primary main resistance is close to the $16,400 zone. There’s additionally a key bearish pattern line forming with resistance close to $16,390 on the hourly chart of the BTC/USD pair. The subsequent main resistance is close to the $16,500 stage. It’s close to the 50% Fib retracement stage of the current decline from the $16,795 swing excessive to $16,156 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Bitcoin value should clear the pattern line resistance after which the 100 hourly easy shifting common to maneuver right into a constructive zone. The subsequent main resistance is close to $17,000, above which the value might achieve tempo for a transfer in direction of the $18,000 zone.

    Extra Losses in BTC?

    If bitcoin fails to realize tempo above the $16,400 resistance zone, it might proceed to maneuver down. A direct assist on the draw back is close to the $16,150 stage.

    The subsequent main assist is close to the $16,000 zone, beneath which the value would possibly take a look at the important thing assist at $15,500. A transparent transfer beneath the $15,500 assist would possibly ship the value additional decrease.

    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 within the oversold zone.

    Main Help Ranges – $16,150, adopted by $16,000.

    Main Resistance Ranges – $16,350, $16,400 and $16,500.



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