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Sunday, November 27, 2022
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    HomeMarketBitcoin Price Lacking Momentum Above $21k, BTC Holders Are Safe: Here's Why

    Bitcoin Price Lacking Momentum Above $21k, BTC Holders Are Safe: Here’s Why

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    Bitcoin worth began a draw back correction from $21,000 towards the US Greenback. BTC might begin a recent enhance if it stays steady above the $20,000 assist.

    • Bitcoin is slowly shifting decrease from the $21,000 resistance zone.
    • The worth is buying and selling beneath $20,500 and the 100 hourly easy shifting common.
    • There’s a key declining channel forming with resistance close to $20,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin one other upward transfer if it stays above the $20,000 assist zone.

    Bitcoin Worth Begins Draw back Correction

    Bitcoin worth made one other try and clear the $21,000 resistance zone. Nevertheless, BTC failed to achieve momentum above the $21,000 resistance zone.

    A excessive was shaped close to $21,074 and the worth began a recent draw back correction. There was a transfer beneath the $20,600 and $20,500 ranges. The bears pushed the worth beneath the 50% Fib retracement degree of the upward transfer from the $20,029 swing low to $21,074 excessive.

    Bitcoin worth is now buying and selling beneath $20,500 and the 100 hourly simple moving average. There’s additionally a key declining channel forming with resistance close to $20,700 on the hourly chart of the BTC/USD pair.

    The worth is now holding the $20,450 assist zone. It’s near the 61.8% Fib retracement degree of the upward transfer from the $20,029 swing low to $21,074 excessive. On the upside, a right away resistance is close to the $20,600 zone and the 100 hourly easy shifting common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance sits close to the $20,700 degree and the channel pattern line. The subsequent main resistance continues to be close to $21,000. A transparent transfer above the $21,000 resistance would possibly begin a gradual enhance in the direction of the $22,000 resistance. Any extra good points open the doorways for a check of the $22,500 resistance zone.

    Extra Losses in BTC?

    If bitcoin fails to rise above the $20,700 resistance zone, it might proceed to maneuver down. An instantaneous assist on the draw back is close to the $20,450 zone.

    The subsequent main assist is close to the $20,200 zone. The principle assist sits at $20,000. A draw back break and shut beneath $20,000 would possibly open the doorways for a considerable decline within the close to time period.

    Technical indicators:

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

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

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

    Main Resistance Ranges – $20,600, $20,700 and $21,000.



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