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Monday, January 30, 2023
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    HomeMarketBitcoin Price Signals Rejection and Poised To Start Another Decline

    Bitcoin Price Signals Rejection and Poised To Start Another Decline

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    Bitcoin worth is dealing with resistance close to $17,000. BTC might begin one other decline except there’s a sturdy transfer above the $17,000 resistance zone.

    • Bitcoin recovered larger above the $16,800 resistance zone.
    • The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
    • There’s a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might resume its decline except there’s a shut above the $17,000 resistance zone.

    Bitcoin Worth Faces Resistance

    Bitcoin worth discovered help close to the $16,250 zone. BTC traded as little as $16,260 and began a recovery wave. There was a transparent transfer above the $16,500 and $16,600 ranges.

    The bulls have been capable of push the value above the $16,800 resistance and the 100 hourly easy shifting common. The worth even spiked above the $17,000 resistance, however upsides have been restricted. A excessive was shaped close to $17,067 and the value is now buying and selling in a spread.

    Bitcoin worth declined beneath the 23.6% Fib retracement stage of the upward transfer from the $16,260 swing low to $17,067 excessive. It’s now buying and selling above $16,800 and the 100 hourly simple moving average.

    There may be additionally a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair. On the upside, an instantaneous resistance is close to the $17,000 zone. The primary main resistance is close to the $17,200 zone. A transparent transfer above the $17,200 resistance may name for a transfer in direction of the $17,500 resistance.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent main resistance is close to $18,000, above which the value may achieve tempo and rise in direction of the $18,450 resistance zone within the coming periods.

    Recent Decline in BTC?

    If bitcoin fails to clear the $17,000 resistance, there might be a recent decline. An instantaneous help on the draw back is close to the $16,800 stage and the channel pattern line.

    The subsequent main help is close to the $16,650 zone. It’s near the 50% Fib retracement stage of the upward transfer from the $16,260 swing low to $17,067 excessive. A draw back break beneath the $16,650 help may name for a drop in direction of the $16,260 stage. Any extra losses may ship the value in direction of $16,000.

    Technical indicators:

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

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

    Main Help Ranges – $16,800, adopted by $16,650.

    Main Resistance Ranges – $17,000, $17,200 and $17,500.



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