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Saturday, December 10, 2022
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    HomeMarketBitcoin Price Technical Indicators Suggest Break Below $37K

    Bitcoin Price Technical Indicators Suggest Break Below $37K

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    Bitcoin is dealing with resistance close to $38,200 in opposition to the US Greenback. BTC stays at a threat of extra downsides until there’s a transfer above the $39,000 resistance.

    • Bitcoin is dealing with a significant resistance close to the $38,200 and $39,000 ranges.
    • The worth is now buying and selling beneath $38,500 and the 100 hourly easy transferring common.
    • There’s a key bearish development line with resistance close to $38,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair should clear the $38,350 and $38,800 resistance ranges to begin a gentle improve.

    Bitcoin Value Stays In Downtrend

    Bitcoin value tried an upside break above the $38,800 and $39,000 resistance levels. Nevertheless, BTC struggled to clear the $39,000 resistance zone and began a recent decline.

    A swing excessive was fashioned close to $39,170 and the value began a recent decline. There was a transparent transfer beneath the $38,800 and $38,500 ranges. The bears even pushed the value beneath the $38,000 stage and there was an in depth beneath the 100 hourly simple moving average.

    A low is fashioned close to $37,507 and the value is now correcting losses. There was a transfer above the 23.6% Fib retracement stage of the latest decline from the $39,169 swing excessive to $37,507 low.

    Bitcoin value is now dealing with resistance close to the $38,350 stage and the 100 hourly easy transferring common. There’s additionally a key bearish development line with resistance close to $38,350 on the hourly chart of the BTC/USD pair. The development line is close to the 50% Fib retracement stage of the latest decline from the $39,169 swing excessive to $37,507 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent key resistance could possibly be close to the $38,800 zone. An in depth above the $38,800 resistance may improve the probabilities of a transparent transfer above the $39,000 resistance zone.

    Extra Losses in BTC?

    If bitcoin fails to clear the $38,350 resistance zone, it may proceed to maneuver down. An instantaneous assist on the draw back is close to the $37,700 stage.

    The subsequent main assist is seen close to the $37,550 stage. A draw back break beneath the $37,550 assist and the latest low would possibly set off sharp losses. The subsequent main assist is $36,500, beneath which the value may dive to $35,000.

    Technical indicators:

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

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

    Main Help Ranges – $37,700, adopted by $37,550.

    Main Resistance Ranges – $38,350, $38,800 and $39,000.



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