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Sunday, September 25, 2022
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    HomeMarketBitcoin Tops At $52K, What Could Trigger A Sharp Move To $47K

    Bitcoin Tops At $52K, What Could Trigger A Sharp Move To $47K

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    Bitcoin didn’t clear the $52,000 resistance zone in opposition to the US Greenback. BTC is began a serious decline and traded under the $50,000 assist.

    • Bitcoin made two makes an attempt to clear the $51,800-$52,000 resistance zone however failed.
    • The worth is buying and selling under $50,000 and the 100 hourly easy shifting common.
    • There was a break under a key bullish pattern line with assist close to $51,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair is declining and will even dive under the $49,500 assist zone within the close to time period.

    Bitcoin Value Varieties Bearish Sample

    Bitcoin value made one other try to clear the $51,800 resistance zone. BTC spiked in direction of the $52,000 zone, the place the bears took a stand. It looks like there’s a double high sample forming close to $52,000.

    A excessive was fashioned close to $52,111 and the value began a contemporary decline. There was a break under the $51,200 and $50,500 assist ranges. There was additionally a break under a key bullish pattern line with assist close to $51,200 on the hourly chart of the BTC/USD pair.

    The pair traded under the 50% Fib retracement stage of the upward transfer from the $49,477 swing low to $52,111 excessive. Bitcoin is now buying and selling under $50,000 and the 100 hourly simple moving average.

    Additionally it is buying and selling under the 76.4% Fib retracement stage of the upward transfer from the $49,477 swing low to $52,111 excessive. A right away assist is close to the $49,500 zone. The primary main assist is close to $49,000.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A draw back break under the $49,000 stage might push the value in direction of the $48,800 assist. Any extra losses could presumably push the value in direction of the $47,500 assist zone.

    Restoration In BTC?

    If bitcoin manages to remain above the $49,500 assist zone, it might begin a good improve. A right away resistance on the upside is close to the $50,000 stage.

    The following key resistance might be $50,800 and the 100 hourly SMA. A transparent transfer above the $50,800 resistance zone might begin a contemporary improve. The following main cease for the bulls could presumably be close to the $51,800 stage.

    Technical indicators:

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

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

    Main Assist Ranges – $49,500, adopted by $47,500.

    Main Resistance Ranges – $50,000, $50,800 and $51,800.



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