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Sunday, August 14, 2022
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    HomeMarketBitcoin Price Lacks Momentum, Why BTC Could Drop 5%

    Bitcoin Price Lacks Momentum, Why BTC Could Drop 5%

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    Bitcoin is struggling to climb above the $24,000 resistance zone towards the US Greenback. BTC is declining and would possibly proceed to maneuver down in the direction of the $22,000 assist.

    • Bitcoin is exhibiting bearish indicators beneath the $23,500 degree.
    • The worth is now buying and selling beneath the $23,200 degree and the 100 hourly easy transferring common.
    • There’s a main bearish development line forming with resistance close to $23,250 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may proceed to slip and would possibly even check the $22,000 assist within the close to time period.

    Bitcoin Worth Indicators Decline

    Bitcoin value began a steady decline from properly above the $24,000 resistance zone. The worth declined beneath the $23,500 and $23,250 to maneuver right into a short-term bearish zone.

    The declined gained tempo beneath the 100 hourly simple moving average. It even examined the 50% Fib retracement degree of the important thing enhance from the $20,695 swing low to $24,671 excessive. The worth is now struggling beneath the $23,200 degree and the 100 hourly easy transferring common.

    There may be additionally a significant bearish development line forming with resistance close to $23,250 on the hourly chart of the BTC/USD pair. Nonetheless, it looks like the bulls are defending the $22,680 assist zone.

    On the upside, bitcoin value is dealing with resistance close to the $23,250 degree and the development line. The subsequent key resistance is close to the $23,520 zone and the 100 hourly easy transferring common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The principle resistance may very well be close to the $24,180 zone. A detailed above the $24,180 resistance zone may set the tempo for an honest enhance. Within the acknowledged case, the worth could maybe rise in the direction of the $24,650 degree. The subsequent main resistance sits close to the $25,000 degree.

    Extra Losses in BTC?

    If bitcoin fails to clear the $23,250 resistance zone and the development line, it may proceed to maneuver down. A right away assist on the draw back is close to the $22,680 degree.

    The subsequent main assist now sits close to the $22,210 degree. It’s close to the 61.8% Fib retracement degree of the important thing enhance from the $20,695 swing low to $24,671 excessive. Any extra losses would possibly ship the worth in the direction of $22,000 degree.

    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 degree.

    Main Assist Ranges – $22,680, adopted by $22,210.

    Main Resistance Ranges – $23,250, $23,520 and $24,180.



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