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Sunday, December 4, 2022
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    HomeMarketBitcoin Price Still Consolidates, What Could Trigger A Nasty Drop

    Bitcoin Price Still Consolidates, What Could Trigger A Nasty Drop

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    Bitcoin worth is struggling to climb greater above $19,200 towards the US Greenback. BTC may begin a significant decline if it breaks the $18,900 and $18,500 assist ranges.

    • Bitcoin failed to achieve tempo and remained in a bearish zone beneath $19,500.
    • The worth is buying and selling beneath $19,400 and the 100 hourly easy transferring common.
    • There’s a short-term breakout sample forming with resistance close to $19,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may begin a gentle restoration if there’s a clear transfer above $19,200 after which $19,500.

    Bitcoin Value Continues To Wrestle

    Bitcoin worth tried a transfer in the direction of the $19,500 resistance zone. BTC remained in a bearish zone and even didn’t clear the $19,400 stage. A excessive was fashioned close to $19,344 and there was a recent decline.

    The worth declined beneath the $19,200 stage and examined $18,950. A low is fashioned close to $18,938 and the worth is now consolidating losses. It traded above the 23.6% Fib retracement stage of the latest drop from the $19,344 swing excessive to $18,938 low.

    Bitcoin worth is now buying and selling beneath $19,400 and the 100 hourly simple moving average. There’s additionally a short-term breakout sample forming with resistance close to $19,200 on the hourly chart of the BTC/USD pair.

    On the upside, a right away resistance is close to the $19,150 stage. It’s near the 50% Fib retracement stage of the latest drop from the $19,344 swing excessive to $18,938 low. The primary main resistance sits close to the $19,200 stage and the pattern line.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent main resistance could be $19,300 or the 100 hourly SMA. A transparent transfer above the $19,300 resistance may ship the worth in the direction of the $19,500 resistance. Any extra beneficial properties may open the doorways for a transfer in the direction of the $20,000 resistance zone.

    Draw back Break in BTC?

    If bitcoin fails to rise above the $19,200 resistance zone, it may proceed to maneuver down. An instantaneous assist on the draw back is close to the $19,000 zone.

    The subsequent main assist is close to the $18,900 zone. A draw back break and shut beneath may name for a check of the principle breakdown assist at $18,500. Any extra losses may begin a significant decline and the worth may drop to $17,500.

    Technical indicators:

    Hourly MACD – The MACD is now shedding 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 $18,900.

    Main Resistance Ranges – $19,200, $19,300 and $19,500.



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