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Friday, August 19, 2022
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    HomeMarketBitcoin Price Signals Bearish Reaction, Why BTC Could Revisit $22K

    Bitcoin Price Signals Bearish Reaction, Why BTC Could Revisit $22K

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    Bitcoin is exhibiting a couple of bearish indicators under the $24,000 resistance zone in opposition to the US Greenback. BTC is declining and would possibly check the $22,000 assist zone.

    • Bitcoin is slowly transferring decrease under the $24,000 pivot stage.
    • The worth is now buying and selling under the $23,500 stage and the 100 hourly easy transferring common.
    • There’s a key bearish development line forming with resistance close to $23,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might proceed to maneuver down in the direction of the $22,000 assist within the close to time period.

    Bitcoin Value Begins Lower

    Bitcoin value failed to start out a recent enhance above the $24,000 resistance zone. The worth began a recent decline and settled under the $23,500 assist zone.

    There was a transparent transfer under the 23.6% Fib retracement stage of the upward transfer from the $20,695 swing low to $24,670 excessive. The worth is now exhibiting bearish indicators under the $23,500 stage and the 100 hourly simple moving average.

    There’s additionally a key bearish development line forming with resistance close to $23,300 on the hourly chart of the BTC/USD pair. The present value motion suggests bitcoin might proceed to maneuver down, with a right away assist at $22,800.

    On the upside, the value is going through resistance close to the $23,300 stage and the development line. The following key resistance is close to the $23,750 zone and the 100 hourly easy transferring common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary resistance could possibly be close to the $24,000 zone. An in depth above the $24,000 resistance zone might set the tempo for a recent enhance. Within the acknowledged case, the value could maybe rise in the direction of the $24,500 stage. The following main resistance sits close to the $25,000 stage.

    Extra Losses in BTC?

    If bitcoin fails to clear the $23,300 resistance zone, it might proceed to maneuver down. A direct assist on the draw back is close to the $22,800 stage.

    The following main assist now sits close to the $22,680 stage. It’s close to the 50% Fib retracement stage of the upward transfer from the $20,695 swing low to $24,670 excessive. Any extra losses would possibly ship the value in the direction of $22,000 stage.

    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 under the 50 stage.

    Main Assist Ranges – $22,680, adopted by $22,000.

    Main Resistance Ranges – $23,300, $23,750 and $24,000.



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