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Saturday, January 28, 2023
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    HomeMarketBitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower

    Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower

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    Bitcoin worth declined closely and traded under $17,000. BTC is consolidating losses and stays at a danger of extra losses under the $16,500 assist.

    • Bitcoin began a recent decline under the $17,200 and $17,000 assist ranges.
    • The value is buying and selling under $17,000 and the 100 hourly easy shifting common.
    • There’s a key bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may proceed to maneuver decrease until it clears the 100 hourly SMA.

    Bitcoin Worth Tumbles

    Bitcoin worth restarted a fresh decline from the $18,400 zone resistance zone. BTC gained tempo under the $17,500 and $17,200 assist ranges. The bears even pushed it under the $17,000 degree and the 100 hourly easy shifting common.

    It examined the $16,500 assist zone. A low is fashioned close to $16,541 and the worth is now consolidating losses. It climbed a couple of factors increased and traded above the $16,700 degree.

    Bitcoin worth is now buying and selling under $17,000 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $16,800 zone. There may be additionally a key bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair.

    The primary main resistance is close to the $17,000 zone and the 100 hourly easy shifting common. It’s close to the 23.6% Fib retracement degree of the downward transfer from the $18,387 swing excessive to $16,541 swing low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the $17,000 resistance would possibly name for a transfer in the direction of the $17,500 resistance. It’s near the 50% Fib retracement degree of the downward transfer from the $18,387 swing excessive to $16,541 swing low. The subsequent main resistance is close to $17,800, above which the worth would possibly acquire tempo and rise in the direction of the $18,000 degree.

    Extra Losses in BTC?

    If bitcoin fails to clear the $17,000 resistance, there might be extra downsides. A right away assist on the draw back is close to the $16,600 degree.

    The subsequent main assist is close to the $16,500 zone. A draw back break under the $16,500 assist would possibly name extra losses. Within the said case, the worth may decline in the direction of the $16,000 assist within the close to time period. Any extra losses would possibly ship the worth in the direction of $15,500.

    Technical indicators:

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

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

    Main Assist Ranges – $16,600, adopted by $16,500.

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



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