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Thursday, December 1, 2022
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    HomeMarketBitcoin Price Holds Strong, Why ETH Could Push BTC Higher

    Bitcoin Price Holds Strong, Why ETH Could Push BTC Higher

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    Bitcoin is consolidating above the $19,500 help in opposition to the US Greenback. BTC may begin a serious enhance contemplating the latest rise in ether.

    • Bitcoin remains to be buying and selling in vary close to the $20,000 zone and beneath the $20,500 resistance.
    • The worth is now buying and selling beneath the $20,000 stage and the 100 hourly easy shifting common.
    • There’s a key bullish pattern line forming with help close to $19,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin an honest enhance until there’s a clear transfer beneath the $19,600 and $19,500 ranges.

    Bitcoin Value Eyes Recent Improve

    Bitcoin worth remained in a variety beneath the $20,500 and $20,550 resistance levels. Just lately, BTC shaped a help base above the $19,600 stage and began an upside correction.

    There was a transfer above the $19,800 resistance stage and the 100 hourly simple moving average. The bulls had been capable of push the worth above the 50% Fib retracement stage of the downward transfer from the $20,398 swing excessive to $19,600 low.

    Lastly, there was a spike above the $20,000 resistance. Nonetheless, the bears had been lively close to the $20,100 zone. Bitcoin worth did not clear the 61.8% Fib retracement stage of the downward transfer from the $20,398 swing excessive to $19,600 low.

    It’s now buying and selling beneath the $20,000 stage and the 100 hourly easy shifting common. There may be additionally a key bullish pattern line forming with help close to $19,700 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    On the upside, a right away resistance is close to the $19,900 stage and the 100 hourly easy shifting common. The subsequent main resistance sits close to the $20,100 stage. The primary resistance remains to be close to the $20,400 and $20,500 ranges. A transparent transfer above the $20,500 resistance would possibly ship the worth in the direction of $21,200. Any extra good points would possibly begin push the worth in the direction of the $22,000 resistance zone.

    Draw back Break in BTC?

    If bitcoin fails to clear the $20,400 resistance zone, it may begin one other decline. A direct help on the draw back is close to the $19,700 zone and the pattern line.

    The subsequent main help sits close to the $19,600 stage. The primary help sits close to the $19,500 stage. A transparent transfer beneath the $19,500 help would possibly begin a serious decline. Within the said case, the worth could maybe check the $18,500 help.

    Technical indicators:

    Hourly MACD – The MACD is now shedding tempo within the bullish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 stage.

    Main Help Ranges – $19,700, adopted by $19,500.

    Main Resistance Ranges – $20,000, $20,400 and $20,500.



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