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Monday, December 5, 2022
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    HomeMarketBitcoin Price Stuck In Key Range, Why The Bulls Are Comfortable

    Bitcoin Price Stuck In Key Range, Why The Bulls Are Comfortable

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    Bitcoin worth corrected decrease under the $19,500 stage in opposition to the US Greenback. BTC stays in a key vary and buying and selling above the $19,000 help zone.

    • Bitcoin failed to achieve energy above $19,600 and corrected features.
    • The value is buying and selling close to $19,250 and the 100 hourly easy shifting common.
    • There was a break under a key bullish pattern line with help close to $19,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may try a recent enhance except there’s a clear transfer under the $19,000 help.

    Bitcoin Worth Stays Supported

    Bitcoin price made an attempt to gain pace above the $19,500 resistance zone. BTC even spiked above the $19,600 stage, however there was no observe by transfer.

    The value fashioned a excessive close to $19,696 and began a draw back correction. There was a transfer under the $19,500 and $19,400 ranges. In addition to, there was a break under a key bullish pattern line with help close to $19,400 on the hourly chart of the BTC/USD pair.

    Bitcoin worth traded as little as $19,110 and is at the moment buying and selling in a variety. It’s buying and selling close to $19,250 and the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement stage of the current decline from the $19,696 swing excessive to $19,110 low.

    On the upside, a direct resistance is close to the $19,400 stage. It’s near the 50% Fib retracement stage of the current decline from the $19,696 swing excessive to $19,110 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance sits close to the $19,680 stage. A transparent transfer above the $19,680 resistance may begin a good enhance. Within the said case, the worth might maybe check the $20,000 resistance. Any extra features may begin a gentle enhance in direction of the $21,200 resistance zone.

    Draw back Break in BTC?

    If bitcoin fails to rise above the $19,400 resistance zone, it may proceed to maneuver down. A direct help on the draw back is close to the $19,100 zone.

    The following main help is close to the $19,000 zone. A draw back break and shut under the $19,000 help zone may begin a significant decline. Within the said case, the worth may decline in direction of the $18,500 help zone.

    Technical indicators:

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

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

    Main Assist Ranges – $19,100, adopted by $19,000.

    Main Resistance Ranges – $19,400, $19,680 and $20,000.



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