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Wednesday, February 1, 2023
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    HomeMarketBitcoin Price Stuck In Key Range, Why The Bulls Remain In Action

    Bitcoin Price Stuck In Key Range, Why The Bulls Remain In Action

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    Bitcoin value didn’t clear the $17,300 zone and corrected decrease. BTC may discover a robust shopping for curiosity close to $16,900 or $16,700 within the coming periods.

    • Bitcoin failed to achieve tempo for a transfer above $17,300 and $17,450.
    • The value is buying and selling under $17,000 and the 100 hourly easy transferring common.
    • There’s a key bearish pattern line forming with resistance close to $17,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may bounce again if it stays above the $16,900 and $16,700 assist ranges.

    Bitcoin Worth Stays Supported

    Bitcoin value was in a position to clear the $17,000 resistance zone. Nevertheless, the value failed to achieve tempo for a transfer above $17,300 and $17,450. A excessive was fashioned close to $17,292 and the value began a recent decline.

    There was a transparent transfer under the $17,100 and $17,000 ranges. The value declined under the 50% Fib retracement degree of the upward transfer from the $16,700 swing low to $17,292 excessive. Bitcoin value is now buying and selling under $17,000 and the 100 hourly simple moving average.

    There’s additionally a key bearish pattern line forming with resistance close to $17,150 on the hourly chart of the BTC/USD pair. The pair is now approaching the 61.8% Fib retracement degree of the upward transfer from the $16,700 swing low to $17,292 excessive.

    On the upside, a direct resistance is close to the $17,050 degree. The primary main resistance is close to the $17,150 zone and the pattern line, above which the value could maybe begin a recent enhance.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Within the acknowledged case, the value may rise in the direction of the $17,300 resistance. The following main resistance is close to $17,450, above which the value rise in the direction of the $18,000 zone within the close to time period.

    Draw back Break in BTC?

    If bitcoin fails to clear the $17,150 resistance, there could possibly be extra losses. A direct assist on the draw back is close to the $16,900 degree.

    The following main assist is close to the $16,700 zone or the final swing low. A draw back break under the $16,700 assist would possibly name a drop in the direction of $16,500. Any extra losses would possibly push the value in the direction of the $16,200 zone within the close to time period.

    Technical indicators:

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

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now within the oversold zone.

    Main Help Ranges – $16,900, adopted by $16,700.

    Main Resistance Ranges – $17,050, $17,150 and $17,450.



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