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Saturday, January 28, 2023
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    HomeMarketBitcoin Price Spikes To $19K, Why BTC Could Correct Lower In Short...

    Bitcoin Price Spikes To $19K, Why BTC Could Correct Lower In Short Term

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    Bitcoin value climbed additional increased above $18,500. BTC examined the $19,000 resistance zone and is at the moment consolidating positive factors.

    • Bitcoin climbed additional increased above the $18,000 and $18,500 resistance ranges.
    • The value is buying and selling above $18,200 and the 100 hourly easy transferring common.
    • There’s a connecting bullish development line forming with help close to $18,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may appropriate decrease in the direction of the $18,500 and $18,350 help ranges.

    Bitcoin Value Checks $19K

    Bitcoin value remained well bid above the $18,000 zone. BTC fashioned one other bullish breakout and was in a position to surge above the $18,500 resistance zone, in contrast to ethereum.

    The value cleared the $18,800 resistance zone and even spiked above the $19,000 degree. A excessive is fashioned close to $19,098 and the value is now consolidating positive factors. There was a minor decline beneath the $18,900 degree. The value declined beneath the 23.6% Fib retracement degree of the upward transfer from the $17,927 swing low to $19,098 excessive.

    Bitcoin value is buying and selling above $18,200 and the 100 hourly easy transferring common. There may be additionally a connecting bullish development line forming with help close to $18,600 on the hourly chart of the BTC/USD pair.

    Bitcoin Price Spikes To $19K

    Supply: BTCUSD on TradingView.com

    On the upside, a direct resistance is close to the $19,000 degree. The subsequent main resistance is close to the $19,200 zone, above which the value would possibly begin one other regular improve. Within the said case, the value could maybe rise in the direction of the $19,500 degree. Any extra positive factors would possibly ship btc value in the direction of the $20,000 degree.

    Draw back Correction in BTC?

    If bitcoin value fails to clear the $19,000 resistance, it may begin a draw back correction. An instantaneous help on the draw back is close to the $18,650 degree.

    The subsequent main help is close to the $18,500 degree and the development line. It’s close to the 50% Fib retracement degree of the upward transfer from the $17,927 swing low to $19,098 excessive. The primary help is now forming close to the $17,800 degree, beneath which the value would possibly retest $17,000.

    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 degree.

    Main Assist Ranges – $18,650, adopted by $18,500.

    Main Resistance Ranges – $19,000, $19,200 and $20,000.



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