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Saturday, December 3, 2022
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    HomeMarketBitcoin Price Turns Red, Why BTC Could Extend Losses

    Bitcoin Price Turns Red, Why BTC Could Extend Losses

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    Bitcoin began a recent decline under the $22,000 help in opposition to the US Greenback. BTC is declining and may lengthen losses under the $20,500 help zone.

    • Bitcoin began a recent decline and traded under the $22,000 degree.
    • The worth is now buying and selling under the $22,000 degree and the 100 hourly easy shifting common.
    • There’s a main bearish pattern line forming with resistance close to $21,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may decline additional if there’s a clear transfer under the $20,800 degree.

    Bitcoin Worth Positive aspects Bearish Momentum

    Bitcoin worth began a fresh decline after it did not clear the $24,000 resistance zone. There was a gentle decline under the $23,500 and $23,000 ranges.

    The bears gained energy for a transfer under the $22,500 help degree and the 100 hourly simple moving average. Lastly, the worth traded under the $21,500 help degree and even spiked under $21,000. A low is shaped close to $20,994 and the worth is now consolidating losses.

    On the upside, bitcoin worth might face resistance close to the $21,650 degree. It’s close to the 50% Fib retracement degree of the current decline from the $22,250 swing excessive to $20,994 low.

    The following key resistance is close to the $22,000 zone. There’s additionally a significant bearish pattern line forming with resistance close to $21,950 on the hourly chart of the BTC/USD pair. The pattern line is close to the 76.4% Fib retracement degree of the current decline from the $22,250 swing excessive to $20,994 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A detailed above the $22,000 resistance zone might set the tempo for extra positive aspects. Within the said case, the worth could maybe rise in the direction of the $22,500 degree. The following main resistance sits close to the $23,000 degree.

    Extra Losses in BTC?

    If bitcoin fails to begin a restoration wave above the $21,650 degree, it might proceed to maneuver down. An instantaneous help on the draw back is close to the $21,000 degree.

    The following main help now sits close to the $20,500 degree. A transparent break and shut under the $20,500 help zone may ship the worth in the direction of $20,000 within the close to time period.

    Technical indicators:

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

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is nicely under the 50 degree.

    Main Help Ranges – $21,000, adopted by $20,500.

    Main Resistance Ranges – $21,650, $22,000 and $22,500.



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