spot_img
Friday, December 2, 2022
More
    HomeMarketBitcoin Remains In Downtrend, What Could Spark Sharp Upside

    Bitcoin Remains In Downtrend, What Could Spark Sharp Upside

    -


    Bitcoin is buying and selling in a bearish zone under $19,500 in opposition to the US Greenback. BTC would possibly begin a pointy restoration wave if there’s a transfer above the $19,500 resistance.

    • Bitcoin failed to achieve tempo above the $19,500 and $19,600 resistance ranges.
    • The worth is now buying and selling under the $20,000 stage and the 100 hourly easy shifting common.
    • There’s a essential bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin a recent decline except there’s a transfer above the $19,500 resistance zone.

    Bitcoin Value Eyes Upside Break

    Bitcoin value began another decline under the $19,500 assist zone. The worth even traded under the $19,000 assist zone and spiked under the $18,800 stage.

    A low was fashioned close to $18,738 and the value is now consolidating losses. There was a minor upward transfer above the $19,000 resistance zone. The worth climbed above the 23.6% Fib retracement stage of the latest decline from the $20,500 swing excessive to $18,738 low.

    Nevertheless, the value is now going through a robust resistance close to the $19,400 zone and the 100 hourly simple moving average. There may be additionally a vital bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair.

    The pattern line is near the 50% Fib retracement stage of the latest decline from the $20,500 swing excessive to $18,738 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent key resistance is close to the $19,800 zone. A transparent transfer above the pattern line resistance after which $19,800 might push the value additional increased. Within the said case, the value might rise in the direction of the $20,500 stage. The subsequent main resistance sits close to the $21,200 stage.

    Contemporary Decline in BTC?

    If bitcoin fails to clear the $19,500 resistance zone, it might begin one other decline. An instantaneous assist on the draw back is close to the $19,000 stage.

    The subsequent main assist now sits close to the $18,700 stage, under which the value might decline closely. Within the said case, the value could maybe decline in the direction of the $17,500 stage.

    Technical indicators:

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

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

    Main Help Ranges – $19,000, adopted by $18,700.

    Main Resistance Ranges – $19,500, $19,800 and $20,500.



    Source link

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    spot_img

    Latest posts