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Sunday, November 27, 2022
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    HomeMarketBitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

    Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

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    Bitcoin value gained tempo above the $23,500 resistance in opposition to the US Greenback. BTC might begin a recent improve if it stays above the $23,500 pivot stage.

    • Bitcoin began an honest improve above the $23,500 stage.
    • The worth is now buying and selling above the $23,500 stage and the 100 hourly easy transferring common.
    • There’s a key bullish pattern line forming with help close to $23,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair should clear the $24,000 resistance to start out a recent improve within the close to time period.

    Bitcoin Value Stays Supported

    Bitcoin value was secure above the $23,000 and $23,200 ranges. The worth fashioned a base above the $23,200 stage and began a fresh increase.

    There was a transparent transfer above the $23,500 resistance zone. The bulls had been capable of push the worth above the $24,000 resistance zone and there was a detailed above the 100 hourly simple moving average. There was a spike above the $24,200 stage.

    A excessive was fashioned close to $24,285 and the worth is now correcting decrease. There was a break beneath the $24,000 stage. Bitcoin value dipped beneath the 23.6% Fib retracement stage of the upward transfer from the $22,845 swing low to $24,285 excessive.

    Nevertheless, the worth remained secure above the $23,600 stage. There may be additionally a key bullish pattern line forming with help close to $23,500 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 $24,000 stage. The subsequent key resistance is close to the $24,200 zone. A detailed above the $24,200 resistance zone might begin a gradual improve. Within the said case, the worth could maybe rise clear the $25,000 resistance.

    Draw back Break in BTC?

    If bitcoin fails to clear the $24,000 resistance zone, it might begin a draw back correction. A direct help on the draw back is close to the $23,600 stage.

    The subsequent main help now sits close to the $23,500 stage. It’s close to the 50% Fib retracement stage of the upward transfer from the $22,845 swing low to $24,285 excessive. A detailed beneath the $23,500 stage may begin a transfer in the direction of $23,000. Any extra losses may ship the worth in the direction of $22,500 stage.

    Technical indicators:

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

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

    Main Help Ranges – $23,600, adopted by $23,500.

    Main Resistance Ranges – $24,000, $24,200 and $24,500.



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