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Tuesday, December 6, 2022
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    HomeMarketBitcoin Price is Showing Early Signs of Fresh Rally, But 100 SMA...

    Bitcoin Price is Showing Early Signs of Fresh Rally, But 100 SMA is the Key

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    Bitcoin worth remained nicely bid above the $20,000 help zone. BTC is consolidating and may begin a recent rally if it clears the $20,500 resistance zone.

    • Bitcoin traded in a spread above the important thing $20,000 help zone.
    • The value is buying and selling under $20,500 and the 100 hourly easy shifting common.
    • There’s a essential bearish pattern line forming with resistance close to $20,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may a recent rally if it clears the 100 hourly SMA and $20,500.

    Bitcoin Value Consolidates

    Bitcoin worth began a downside correction under the $20,600 and $20,500 ranges. BTC even traded under the $20,250 degree and settled under the 100 hourly easy shifting common.

    Nonetheless, the bulls had been energetic close to the $20,000 zone. A low was fashioned close to $20,059 and the worth is now consolidating losses. There was a minor enhance above the $20,200 degree. The value climbed above the 23.6% Fib retracement degree of the downward transfer from the $20,865 swing excessive to $20,060 low.

    Bitcoin worth is now buying and selling under $20,500 and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $20,350 degree.

    The primary main resistance is close to the $20,500 degree and the 100 hourly easy shifting common. There may be additionally a vital bearish pattern line forming with resistance close to $20,500 on the hourly chart of the BTC/USD pair. The pattern line is close to the 50% Fib retracement degree of the downward transfer from the $20,865 swing excessive to $20,060 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the $20,500 resistance zone may begin one other regular enhance. The following main resistance is close to $21,000, above which the worth might maybe rise in direction of the $22,000 zone.

    Extra Losses in BTC?

    If bitcoin fails to clear above the $20,500 resistance zone, it may resume its decline. A direct help on the draw back is close to the $20,200 zone.

    The following main help is close to the $20,000 zone or the latest low. A transparent transfer under the $20,000 help may push the worth additional decrease. On this case, the worth might maybe decline in direction of the $19,200 degree.

    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 degree.

    Main Help Ranges – $20,200, adopted by $20,000.

    Main Resistance Ranges – $20,350, $20,500 and $21,000.



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