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Friday, August 19, 2022
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    HomeMarketBitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $24K

    Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $24K

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    Bitcoin is going through a key resistance close to the $23,500 zone in opposition to the US Greenback. BTC should clear $23,500 to keep away from a recent bearish response within the close to time period.

    • Bitcoin is struggling to rise and buying and selling under the $23,500 degree.
    • The value is now buying and selling under the $23,200 degree and the 100 hourly easy shifting common.
    • There’s a key rising channel forming with help close to $22,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair should clear the $23,500 resistance to start out a good improve within the close to time period.

    Bitcoin Worth Upsides Capped

    Bitcoin worth gained tempo after it broke the $23,500 support zone. The value even traded under the $23,000 degree to maneuver right into a short-term bearish zone.

    Nonetheless, the bulls protected the $22,650 zone. The 50% Fib retracement degree of the upward transfer from the $20,692 swing low to $24,671 excessive acted as a help. The value fashioned a base and lately recovered losses above the $23,000 degree.

    Bitcoin climbed above the 23.6% Fib retracement degree of the downward transfer from the $24,699 swing excessive to $22,649 low. The value even spiked above the $23,400 degree, nevertheless it confronted a powerful resistance close to $23,500.

    It’s now buying and selling under the $23,200 degree and the 100 hourly simple moving average. There’s additionally a key rising channel forming with help close to $22,800 on the hourly chart of the BTC/USD pair. On the upside, bitcoin worth is going through resistance close to the $23,200 degree and the 100 hourly SMA.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent key resistance is close to the $23,500 zone. A detailed above the $23,500 resistance zone might set the tempo for a good improve. Within the acknowledged case, the value might maybe rise in direction of the $24,215 degree. The subsequent main resistance sits close to the $24,700 degree.

    Extra Losses in BTC?

    If bitcoin fails to clear the $23,500 resistance zone and the channel resistance, it might proceed to maneuver down. A right away help on the draw back is close to the $22,800 degree.

    The subsequent main help now sits close to the $22,640 degree. A detailed under the $22,640 degree may spark a pointy decline to $21,750. Any extra losses may ship the value in direction of $21,000 degree.

    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 close to the 50 degree.

    Main Help Ranges – $22,800, adopted by $22,500.

    Main Resistance Ranges – $23,200, $23,500 and $24,180.



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