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Tuesday, November 29, 2022
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    HomeMarketBitcoin Price Lacks Momentum But BTC Holders Are Safe: Here's Why

    Bitcoin Price Lacks Momentum But BTC Holders Are Safe: Here’s Why

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    Bitcoin worth struggled to clear the $20,000 resistance zone towards the US Greenback. BTC may decline, however there’s a key help ready close to the $18,900 zone.

    • Bitcoin failed to realize momentum for a transfer above the $20,000 resistance zone.
    • The value is buying and selling beneath $19,400 and the 100 hourly easy shifting common.
    • There’s a key bearish development line forming with resistance close to $19,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might transfer down additional to check the $18,900 help zone within the close to time period.

    Bitcoin Value Trims Positive factors

    Bitcoin price attempted a decent increase above the $19,500 resistance zone. BTC even climbed above the $19,800 degree, however the bears had been energetic close to the $20,000 resistance zone.

    The value traded as excessive as $19,939 earlier than there was a contemporary decline. There was a drop beneath the $19,500 and $19,400 ranges. The bears even pushed the worth beneath the 50% Fib retracement degree of the upward move from the $18,271 swing low to $19,939 excessive.

    Bitcoin worth is now buying and selling beneath $19,400 and the 100 hourly easy shifting common. There’s additionally a key bearish development line forming with resistance close to $19,250 on the hourly chart of the BTC/USD pair.

    On the upside, a right away resistance is close to the $19,220 degree. The primary main resistance sits close to the $19,250 degree and the development line. A transparent transfer above the development line resistance may pump the worth in direction of the $19,500 resistance zone.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary resistance remains to be close to the $20,000 zone. Any extra positive aspects may begin a gentle improve in direction of the $21,200 resistance zone.

    Dips Restricted in BTC?

    If bitcoin fails to rise above the $19,250 resistance zone, it might proceed to maneuver down. A direct help on the draw back is close to the $19,000 zone.

    The subsequent main help is close to the $18,900 zone. It’s close to the 61.8% Fib retracement degree of the upward transfer from the $18,271 swing low to $19,939 excessive. A draw back break beneath the $18,900 help zone may improve promoting stress. Within the said case, the worth might decline in direction of the $18,500 help zone.

    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 close to the 50 degree.

    Main Assist Ranges – $19,000, adopted by $18,900.

    Main Resistance Ranges – $19,250, $19,500 and $20,000.



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