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Tuesday, November 29, 2022
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    HomeMarketBitcoin Price Just Saw Technical Correction And Fresh Increase Seems Likely

    Bitcoin Price Just Saw Technical Correction And Fresh Increase Seems Likely

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    Bitcoin worth corrected decrease from $19,650 in opposition to the US Greenback. BTC is holding the $19,200 assist and would possibly quickly begin a recent enhance.

    • Bitcoin began a draw back correction after it didn’t clear the $19,650 zone.
    • The value is buying and selling above $19,200 and the 100 hourly easy transferring common.
    • There’s a connecting bearish development line forming with resistance close to $19,320 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a recent enhance if there’s a clear transfer above the $19,350 resistance.

    Bitcoin Worth Stays Supported

    Bitcoin worth was in a position to achieve tempo for a transfer above the $19,500 resistance. Nevertheless, BTC struggled above the $19,600 zone. It traded as excessive as $19,679 and just lately began a draw back correction.

    There was a correction beneath the $19,500 and $19,400 ranges. The value declined beneath the 23.6% Fib retracement stage of the important thing enhance from the $18,865 swing low to $19,680 excessive. The value even spiked beneath the $19,250 stage.

    Nevertheless, the bulls have been energetic close to the $19,200 assist zone. Bitcoin worth is now buying and selling above $19,200 and the 100 hourly simple moving average. It is usually steady above the 50% Fib retracement stage of the important thing enhance from the $18,865 swing low to $19,680 excessive.

    On the upside, a direct resistance is close to the $19,320 stage. There’s additionally a connecting bearish development line forming with resistance close to $19,320 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance sits close to the $19,500 stage. The subsequent main resistance may be $19,650. A transparent transfer above the $19,650 resistance would possibly ship the worth in direction of the $20,000 resistance. Any extra beneficial properties would possibly set the tempo for a gentle enhance in direction of the $21,200 resistance zone.

    Dips Restricted in BTC?

    If bitcoin fails to rise above the $19,500 resistance zone, it may proceed to maneuver down. A right away assist on the draw back is close to the $19,270 zone.

    The subsequent main assist is close to the $19,200 zone and the 100 hourly easy transferring common. A draw back break and shut beneath $19,200 would possibly open the doorways for a recent take a look at of the $18,800 assist.

    Technical indicators:

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

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

    Main Assist Ranges – $19,270, adopted by $19,200.

    Main Resistance Ranges – $19,320, $19,500 and $19,650.



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