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Monday, January 30, 2023
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    HomeMarketBitcoin Price Looks Ready For Another Leg Higher Over $16.5K

    Bitcoin Price Looks Ready For Another Leg Higher Over $16.5K

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    Bitcoin value prolonged its decline and examined the $16,000 assist. BTC is forming a base and would possibly quickly rise above the $16,500 resistance zone.

    • Bitcoin declined additional and examined the $16,000 assist zone.
    • The worth is buying and selling under $16,500 and the 100 hourly easy shifting common.
    • There’s a key bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin an honest enhance if it clears the $16,500 resistance zone.

    Bitcoin Value Stays Supported

    Bitcoin value began a downside correction from the $16,800 resistance zone. BTC declined under the $16,500 assist degree and the 100 hourly easy shifting common.

    The worth even moved under the $16,200 degree, however the bulls have been energetic close to the $16,000 assist zone. A low was shaped close to $16,000 and the worth is now consolidating losses. There was a minor enhance above the $16,200 degree.

    Bitcoin value is now buying and selling under $16,500 and the 100 hourly simple moving average. There may be additionally a key bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair.

    On the upside, a right away resistance is close to the $16,300 degree. It’s close to the 50% Fib retracement degree of the downward transfer from the $16,588 swing excessive to $16,000 low. The primary main resistance is close to the $16,500 zone, the pattern line, and the 100 hourly easy shifting common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The pattern line is close to the 76.4% Fib retracement degree of the downward transfer from the $16,588 swing excessive to $16,000 low. A profitable transfer above the $16,500 resistance would possibly begin an honest enhance. The subsequent main resistance is close to $16,800, above which the worth may achieve tempo for a transfer in direction of the $17,500 zone.

    Extra Losses in BTC?

    If bitcoin fails to climb above the $16,500 resistance, it may wrestle to remain in a optimistic zone. A direct assist on the draw back is close to the $16,130 degree.

    The subsequent main assist is close to the $16,000 zone, under which the worth decline additional. Within the acknowledged case, the worth would possibly drop in direction of the $15,500 assist zone.

    Technical indicators:

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

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

    Main Assist Ranges – $16,130, adopted by $16,000.

    Main Resistance Ranges – $16,500, $16,800 and $17,000.



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