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Sunday, November 27, 2022
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    HomeMarketBitcoin Price Recovery Remains Capped, Why 100 SMA Is The Key

    Bitcoin Price Recovery Remains Capped, Why 100 SMA Is The Key

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    Bitcoin value began an upside correction from $15,500. BTC is now going through a robust resistance close to the $16,300 zone and the 100 hourly SMA.

    • Bitcoin discovered assist close to $15,500 and began an upside correction.
    • The value is buying and selling under $16,300 and the 100 hourly easy transferring common.
    • There’s a essential bearish pattern line forming with resistance close to $16,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might proceed to rise if it clears the $16,300 degree and the 100 hourly SMA.

    Bitcoin Value Eyes Restoration

    Bitcoin price extended its decline under the $16,000 assist degree. BTC even spiked under the $15,800 assist degree, however the bulls had been lively close to the $15,500 degree.

    A low was shaped close to $15,470 and the worth began an upside correction. There was a transfer above the $15,800 and $16,000 resistance ranges. The bulls had been capable of push the worth above the 50% Fib retracement degree of the important thing decline from the $16,795 swing excessive to $15,470 low.

    Bitcoin value is now buying and selling under $16,300 and the 100 hourly simple moving average. There may be additionally a vital bearish pattern line forming with resistance close to $16,200 on the hourly chart of the BTC/USD pair.

    On the upside, an instantaneous resistance is close to the $16,200 degree. The primary main resistance is close to the $16,300 zone and the 100 hourly easy transferring common. It’s near the 61.8% Fib retracement degree of the important thing decline from the $16,795 swing excessive to $15,470 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The value should clear the pattern line resistance after which $16,300 to start out an honest restoration wave. The subsequent main resistance is close to $16,500, above which the worth might acquire tempo for a transfer in the direction of the $17,000 zone.

    Contemporary Decline in BTC?

    If bitcoin fails to get well above the $16,300 resistance zone, it might begin one other decline. A direct assist on the draw back is close to the $15,900 degree.

    The subsequent main assist is close to the $15,550 zone, under which the worth may even battle to remain above $15,500. A transparent transfer under the $15,500 assist may ship the worth in the direction of the $14,000 assist zone.

    Technical indicators:

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

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

    Main Help Ranges – $15,900, adopted by $15,500.

    Main Resistance Ranges – $16,200, $16,300 and $17,000.



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