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Wednesday, November 30, 2022
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    HomeMarketBitcoin Turns Red, Why BTC Could Dive Below $39K

    Bitcoin Turns Red, Why BTC Could Dive Below $39K

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    Bitcoin began one other decline beneath the $40,000 degree in opposition to the US Greenback. BTC might prolong losses if it stays beneath the $40,000 resistance zone.

    • Bitcoin began one other decline after it didn’t clear the $40,000 resistance zone.
    • The worth is now buying and selling beneath $39,500 and the 100 hourly easy transferring common.
    • There’s a key bearish development line forming with resistance close to $39,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin a significant decline if there’s a shut beneath the $38,800 degree.

    Bitcoin Value Positive aspects Bearish Momentum

    Bitcoin worth settled beneath the $40,500 degree to maneuver right into a bearish zone. BTC traded beneath the $40,000 assist degree and settled beneath the 100 hourly easy transferring common to maneuver right into a bearish zone.

    The worth even traded beneath the $39,200 assist degree. A low is shaped close to $38,700 and the worth is now consolidating losses. An instantaneous resistance on the upside is close to the $39,500 degree. There’s additionally a key bearish development line forming with resistance close to $39,500 on the hourly chart of the BTC/USD pair.

    The subsequent key resistance may very well be $39,700 or the 23.6% Fib retracement degree of the latest decline from the $42,950 swing excessive to $38,700 low.

    The primary main resistance is now forming close to the $40,000 degree. The principle resistance sits close to $40,500 and the 100 hourly simple moving average. To start out a powerful upward transfer, the worth should settle above the $40,500 zone and the 100 hourly easy transferring common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Within the acknowledged case, the worth might even surpass the 50% Fib retracement degree of the latest decline from the $42,950 swing excessive to $38,700 low.

    Extra Losses in BTC?

    If bitcoin fails to clear the $40,000 resistance zone, it might proceed to maneuver down. An instantaneous assist on the draw back is close to the $39,000 degree.

    The subsequent main assist is seen close to the $38,800 degree. A draw back break beneath the $38,800 zone might ship the worth in the direction of the $37,500 assist zone.

    Technical indicators:

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

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

    Main Assist Ranges – $39,000, adopted by $38,800.

    Main Resistance Ranges – $39,500, $39,800 and $40,000.



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