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Saturday, December 3, 2022
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    HomeMarketBitcoin Price Keeps Struggling, What Could Trigger Another Downtrend

    Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend

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    Bitcoin worth is struggling to climb above the $20,000 resistance towards the US Greenback. BTC may decline closely if there’s a shut beneath the $18,500 help.

    • Bitcoin remained in a variety and stayed above the $19,000 help zone.
    • The worth is buying and selling beneath $19,400 and the 100 hourly easy shifting common.
    • There was a break beneath a key bullish pattern line with help close to $19,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a contemporary decline if there’s a clear transfer beneath the $18,500 help.

    Bitcoin Value Caught In a Vary

    Bitcoin worth tried a contemporary improve above the $19,000 resistance zone. BTC climbed above the $19,250 degree and the 100 hourly easy shifting common.

    The worth even gained tempo above the $19,500 resistance and spiked above $20,000. Nevertheless, the bears have been energetic above the $20,000 resistance zone. A excessive was fashioned close to $20,177 and the value began a draw back correction.

    There was a transfer beneath the $19,500 degree. Moreover, there was a break beneath a key bullish pattern line with help close to $19,350 on the hourly chart of the BTC/USD pair. Bitcoin worth is now buying and selling beneath $19,400 and the 100 hourly simple moving average.

    A low is fashioned close to $18,937 and the value is consolidating losses. It’s buying and selling close to the 23.6% Fib retracement degree of the current decline from the $20,177 swing excessive to $18,937 low.

    On the upside, a right away resistance is close to the $19,400 degree and the 100 hourly SMA. The subsequent main resistance sits close to the $19,560 zone. It’s near the 50% Fib retracement degree of the current decline from the $20,177 swing excessive to $18,937 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the $19,560 resistance may begin a contemporary improve. Within the said case, the value may even surpass the $20,000 resistance zone. The subsequent main resistance is close to the $20,500 zone.

    One other Drop in BTC?

    If bitcoin fails to rise above the $19,560 resistance zone, it may begin a contemporary decline. A direct help on the draw back is close to the $19,000 zone.

    The subsequent main help is close to the $18,580 zone. The principle help is close to $18,500, beneath which there could possibly be a pointy drop to $18,000. Any extra losses may name for a drop in the direction of the $17,500 help.

    Technical indicators:

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

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

    Main Assist Ranges – $19,000, adopted by $18,580.

    Main Resistance Ranges – $19,560, $20,000 and $20,500.



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