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Monday, November 28, 2022
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    HomeMarketBitcoin Price Trend Overwhelmingly Negative, Bears Target $13K

    Bitcoin Price Trend Overwhelmingly Negative, Bears Target $13K

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    Bitcoin value prolonged losses and retested the $15,800 help. BTC might proceed to maneuver down in the direction of the $15,000 and $14,000 ranges.

    • Bitcoin began a recent decline beneath the $16,000 and $15,800 ranges.
    • The worth is buying and selling beneath $16,400 and the 100 hourly easy transferring common.
    • There’s a main bearish development line forming with resistance close to $16,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair stays at a threat of extra losses in the direction of the $15,000 stage and even $14,000.

    Bitcoin Value Revisit $15,500

    Bitcoin value began a recent decline from the $17,000 resistance. BTC gained bearish momentum after it settled beneath the $16,500 help zone.

    There was a transfer beneath the $16,000 stage and the 100 hourly simple moving average. The bears have been in a position to push the worth in the direction of the important thing $15,500 help zone. A low is fashioned close to $15,470 and the worth is now correcting losses.

    There was a minor enhance above the $15,800 resistance zone. Bitcoin value cleared the 23.6% Fib retracement stage of the latest drop from the $16,795 swing excessive to $15,470 low.

    On the upside, a direct resistance is close to the $15,880 stage. The primary main resistance is close to the $16,150 zone. There’s additionally a serious bearish development line forming with resistance close to $16,150 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The 50% Fib retracement stage of the latest drop from the $16,795 swing excessive to $15,470 low. The following main resistance is close to the $16,400 stage. The worth should clear the development line resistance after which $16,400 to begin an honest enhance. The following main resistance is close to $16,500, above which the worth might achieve tempo for a transfer in the direction of the $17,000 zone.

    Extra Losses in BTC?

    If bitcoin fails to get better above the $16,150 resistance zone, it might proceed to maneuver down. An instantaneous help on the draw back is close to the $15,650 stage.

    The following main help is close to the $15,500 zone, beneath which the worth would possibly check the important thing help at $15,000. A transparent transfer beneath the $15,000 help would possibly ship the worth additional decrease, could also be in the direction of $13,200.

    Technical indicators:

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

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

    Main Assist Ranges – $15,650, adopted by $15,500.

    Main Resistance Ranges – $16,150, $16,400 and $16,500.



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