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Saturday, December 3, 2022
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    HomeMarketBitcoin Price Plunges 15%, Can Buyers Save The Key $15K Support?

    Bitcoin Price Plunges 15%, Can Buyers Save The Key $15K Support?

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    Bitcoin value declined over 15% and even traded beneath $16,000. BTC stays at a danger of extra losses if it breaks the $15,000 assist zone.

    • Bitcoin remained in a bearish zone after the FTX collapse and declined beneath $16,000.
    • The worth is buying and selling beneath $17,500 and the 100 hourly easy transferring common.
    • There’s a main bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may proceed to maneuver down if it stays beneath the $16,500 and $17,000 ranges.

    Bitcoin Worth Tumbles

    Bitcoin value remained in a bearish zone after it settled beneath the $20,000 assist zone. Binance opted out to bail FTX, leading to a rise in promoting strain. BTC declined beneath the $18,500 and $17,000 ranges.

    The crypto market is bleeding and lots of altcoins comparable to ethereum, bnb, ripple are down over 15%. Bitcoin value additionally gained bearish momentum and traded beneath the $16,000 assist stage. The worth traded as little as $15,555 and is at present consolidating losses.

    It’s buying and selling beneath $17,500 and the 100 hourly easy transferring common. There’s additionally a serious 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 $16,400 stage. The primary main resistance is close to the $16,650 stage. It’s close to the 23.6% Fib retracement stage of the current decline from the $20,671 swing excessive to $15,555 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the pattern line resistance and $16,675 would possibly begin an honest restoration wave. The subsequent main resistance is close to $18,000 or the 50% Fib retracement stage of the current decline from the $20,671 swing excessive to $15,555 low, above which the value may check the $20,000 zone.

    Extra Losses in BTC?

    If bitcoin fails to start out a restoration wave above the $16,500 resistance zone, it may proceed to maneuver down. A direct assist on the draw back is close to the $15,800 stage.

    The subsequent main assist is close to the $15,500 zone. A transparent transfer beneath the $15,500 assist would possibly push the value additional decrease. On this case, the value might maybe decline beneath the $15,000 assist zone.

    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 30 stage.

    Main Help Ranges – $15,800, adopted by $15,500.

    Main Resistance Ranges – $16,500, $16,675 and $18,000.



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