spot_img
Monday, November 28, 2022
More
    HomeMarketBitcoin Price Just Saw Technical Correction, Why BTC Could Rise Again

    Bitcoin Price Just Saw Technical Correction, Why BTC Could Rise Again

    -


    Bitcoin value began a draw back correction from $21,000 towards the US Greenback. BTC is secure above $20,000 and may begin a recent enhance.

    • Bitcoin is holding beneficial properties above the $20,000 and $20,200 ranges.
    • The value is buying and selling above $20,000 and the 100 hourly easy transferring common.
    • There’s a key bearish development line forming with resistance close to $20,440 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin one other upward transfer if there’s a clear transfer above the $20,500 resistance.

    Bitcoin Value Reaches Key Help

    Bitcoin price started a fresh increase above the $20,000 and $20,500 resistance ranges. BTC even traded above the $20,800 stage and examined the $21,000 resistance zone.

    A excessive was shaped close to $21,021 earlier than there was a draw back correction. The value declined beneath the $20,800 and $20,500 ranges. It even broke the 23.6% Fib retracement stage of the important thing enhance from the $19,266 swing low to $21,021 excessive.

    Bitcoin value is now buying and selling above $20,000 and the 100 hourly simple moving average. It appears to be holding beneficial properties above the $20,000 and $20,200 ranges.

    The value additionally examined the 50% Fib retracement stage of the important thing enhance from the $19,266 swing low to $21,021 excessive. On the upside, a direct resistance is close to the $20,400 zone. There may be additionally a key bearish development line forming with resistance close to $20,440 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance sits close to the $20,500 stage and the development line. The following main resistance may be $21,000. A transparent transfer above the $21,000 resistance may ship the value in the direction of the $22,000 resistance. Any extra beneficial properties open the doorways for a take a look at of the $22,500 resistance zone.

    Extra Losses in BTC?

    If bitcoin fails to rise above the $20,500 resistance zone, it might proceed to maneuver down. A right away assist on the draw back is close to the $20,150 zone.

    The following main assist is close to the $20,000 zone and the 100 hourly easy transferring common. A draw back break and shut beneath $20,000 may open the doorways for a transfer in the direction of the $19,500 assist zone.

    Technical indicators:

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

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

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

    Main Resistance Ranges – $20,400, $20,500 and $21,000.



    Source link

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    spot_img

    Latest posts