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Thursday, December 1, 2022
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    HomeMarketTA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s...

    TA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s Why

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    Bitcoin settled beneath the $21,000 help zone towards the US Greenback. BTC is exhibiting bearish indicators and stays at a threat of a serious breakdown beneath $20,000.

    • Bitcoin struggled to appropriate greater and stayed beneath the $21,000 resistance zone.
    • The worth is now buying and selling beneath $20,750 and the 100 hourly easy shifting common.
    • There’s a key bearish pattern line forming with resistance close to $20,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair is consolidating above the $20,000 stage and would possibly begin one other decline.

    Bitcoin Value Faces Sellers

    Bitcoin value remained in a bearish zone beneath the $21,000 stage. There was a short-term recovery wave, however the bears have been lively close to the $20,300 and $20,350 ranges.

    The worth began a recent decline and traded beneath the $20,000 stage. It even broke the current swing low and traded to a brand new weekly low at $19,619. The worth is now buying and selling beneath $20,750 and the 100 hourly simple moving average.

    There’s additionally a key bearish pattern line forming with resistance close to $20,250 on the hourly chart of the BTC/USD pair. On the upside, an instantaneous resistance is close to the $20,300 stage. It’s close to the 23.6% Fib retracement stage of the important thing drop from the $22,790 swing excessive to $19,619 low.

    A transparent transfer above the pattern line and $20,300 would possibly ship the worth in direction of the $20,750 resistance. The following main resistance sits close to the $21,200 stage. It coincides with the 50% Fib retracement stage of the important thing drop from the $22,790 swing excessive to $19,619 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    An in depth above the $21,200 resistance would possibly begin a recent enhance. Within the said case, the worth could maybe rise in direction of $22,000. Any extra positive factors would possibly ship the worth in direction of the $22,450 resistance zone.

    Extra Losses in BTC?

    If bitcoin fails to clear the $20,300 resistance zone, it may proceed to maneuver down. A right away help on the draw back is close to the $20,000 zone.

    The following main help is close to the $19,600 and $19,500 ranges. A draw back break beneath the $19,500 stage would possibly ship the worth in direction of the $18,500 help.

    Technical indicators:

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

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

    Main Assist Ranges – $20,000, adopted by $19,500.

    Main Resistance Ranges – $20,300, $20,750 and $21,200.



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