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Monday, January 30, 2023
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    HomeMarketBitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here's Why

    Bitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here’s Why

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    Bitcoin value prolonged its enhance and examined the $17,500 resistance. BTC corrected good points, nevertheless it stays effectively supported above the $16,800 assist.

    • Bitcoin prolonged its upward transfer above $17,100 and $17,300 resistance ranges.
    • The value is buying and selling close to $17,000 and the 100 hourly easy transferring common.
    • There was a break beneath a key bullish pattern line with assist close to $17,050 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair should keep above the $16,800 assist to begin a recent enhance.

    Bitcoin Value Stays Supported

    Bitcoin value settled above the $17,000 resistance zone and prolonged its enhance. BTC was in a position to clear the $17,100 and $17,200 resistance ranges.

    The value even spiked above $17,400 and traded near the $17,500 resistance zone. Nonetheless, the bears had been lively close to the $17,500 resistance zone. A excessive was fashioned close to $17,440 and the value began a draw back correction.

    Bitcoin value declined beneath the $17,200 degree and the 100 hourly simple moving average. There was a break beneath a key bullish pattern line with assist close to $17,050 on the hourly chart of the BTC/USD pair.

    The value traded as little as $16,888 and is at the moment rising. It’s buying and selling close to $17,000 and the 100 hourly easy transferring common. It’s buying and selling above the 23.6% Fib retracement degree of the latest decline from the $17,440 swing excessive to $16,888 low.

    On the upside, a right away resistance is close to the $17,165 degree. It’s close to the 50% Fib retracement degree of the latest decline from the $17,440 swing excessive to $16,888 low. The primary main resistance is close to the $17,250 zone, above which the value could maybe begin one other regular enhance.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Within the said case, the value may rise in direction of the $17,500 resistance. The subsequent main resistance is close to $17,650, above which the value rise in direction of the $18,000 zone within the close to time period.

    Extra Losses in BTC?

    If bitcoin fails to begin a recent enhance above the $17,165 resistance, there may very well be extra downsides. A direct assist on the draw back is close to the $16,850 degree.

    The subsequent main assist is close to the $16,800 zone. A draw back break beneath the $16,800 assist may name for a transfer in direction of $16,500. Any extra losses may name for a take a look at of the important thing $16,000 assist zone within the close to time period.

    Technical indicators:

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

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

    Main Help Ranges – $16,800, adopted by $16,500.

    Main Resistance Ranges – $17,165, $17,250 and $18,000.



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