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Tuesday, November 29, 2022
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    HomeMarketBitcoin Price Slides Below Key Support Amid Russia-Ukraine War Escalation

    Bitcoin Price Slides Below Key Support Amid Russia-Ukraine War Escalation

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    Bitcoin value is slowly shifting decrease beneath the $19,200 help in opposition to the US Greenback. BTC might slide additional if there’s additional escalation in Russia-Ukraine battle state of affairs.

    • Bitcoin is slowly shifting decrease beneath the $19,200 and $19,000 ranges.
    • The value is buying and selling beneath above $19,500 and the 100 hourly easy shifting common.
    • There’s a connecting bearish pattern line forming with resistance close to $19,260 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might proceed to maneuver down if there’s a clear transfer beneath the $18,920 help.

    Bitcoin Value Slides

    Bitcoin value remained in a bearish zone below the $20,000 support zone. BTC slowly moved and settled beneath the $19,500 help plus the 100 hourly easy shifting common.

    There was a transparent transfer beneath the $19,200 help zone, growing strain on the bulls. Lastly, the worth moved beneath the $19,000 stage and traded as little as $18,970. The value is now consolidating losses close to the $19,000 pivot stage.

    Bitcoin value is buying and selling beneath above $19,500 and the 100 hourly simple moving average. There’s additionally a connecting bearish pattern line forming with resistance close to $19,260 on the hourly chart of the BTC/USD pair.

    On the upside, a direct resistance is close to the $19,110 stage. It’s close to the 23.6% Fib retracement stage of the current decline from the $19,559 swing excessive to $18,970 low. The subsequent main resistance sits close to the $19,260 zone and the pattern line.

    The pattern line is near the 50% Fib retracement stage of the current decline from the $19,559 swing excessive to $18,970 low. A transparent transfer above the pattern line may ship the worth in the direction of the $19,500 resistance or the 100 hourly easy shifting common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Any extra beneficial properties may ship the worth above the $19,600 resistance. Within the said case, the worth might rise in the direction of the $20,000 resistance stage.

    Extra Losses in BTC?

    If bitcoin fails to rise above the $19,260 resistance zone, it might proceed to maneuver down. An instantaneous help on the draw back is close to the $19,000 zone.

    The subsequent main help is close to the $18,920 zone. A draw back break beneath the $18,920 help zone may name for extra losses. Within the said case, there’s a danger of a transfer in the direction of the $18,500 help zone.

    Technical indicators:

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

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

    Main Assist Ranges – $19,000, adopted by $18,500.

    Main Resistance Ranges – $19,260, $19,500 and $20,000.



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