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Friday, August 19, 2022
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    HomeMarketBitcoin Price Takes A Hit, This Support Is The Key

    Bitcoin Price Takes A Hit, This Support Is The Key

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    Bitcoin prolonged losses and traded under $20,000 towards the US Greenback. BTC might revisit the important thing $19,500 help zone, the place the bears is perhaps examined.

    • Bitcoin is following a bearish path under the $20,500 pivot stage.
    • The value is now buying and selling under the $20,500 stage and the 100 hourly easy shifting common.
    • There was a break under a significant bullish pattern line with help close to $20,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may discover help close to the $19,500 and $19,350 ranges.

    Bitcoin Value Extends Losses

    Bitcoin worth began a fresh decline after it failed to remain above the $22,000 stage. There was a gentle decline under the $21,200 and $21,000 ranges.

    The value moved under the 61.8% Fib retracement stage of the upward transfer from the $19,301 swing low to $22,500 swing excessive. In addition to, there was a break under a significant bullish pattern line with help close to $20,500 on the hourly chart of the BTC/USD pair.

    Bitcoin worth is now buying and selling under the $20,500 stage and the 100 hourly simple moving average. It even settled under the 76.4% Fib retracement stage of the upward transfer from the $19,301 swing low to $22,500 swing excessive.

    Nonetheless, there’s a main help ready close to $19,500. On the upside, the value might resistance close to the $20,000 and $20,150 ranges.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent key resistance is close to the $20,500 zone (the current breakdown zone). An in depth above the $20,500 resistance zone might set the tempo for a take a look at of the 100 hourly easy shifting common. Any extra positive aspects may open the doorways for a transfer in direction of the $21,750 stage. The subsequent main resistance sits close to the $22,000 stage.

    Extra Losses in BTC?

    If bitcoin fails to begin a restoration wave above the $20,150 stage, it might proceed to maneuver down. A right away help on the draw back is close to the $19,580 stage.

    The subsequent main help now sits close to the $19,300 stage or the final swing low. An in depth under the $19,300 help zone might speed up losses. Within the acknowledged case, there’s a threat of a transfer in direction of the $18,500 stage.

    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 Assist Ranges – $19,600, adopted by $19,300.

    Main Resistance Ranges – $20,150, $20,500 and $21,750.



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