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Monday, January 30, 2023
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    HomeMarketThis Scenario Will Trigger A Fresh Drop

    This Scenario Will Trigger A Fresh Drop

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    Bitcoin worth struggled to clear the $16,800 resistance. BTC is transferring decrease and there’s a threat of extra losses beneath the $16,000 help zone.

    • Bitcoin tried an upside break above the $16,800 resistance, however failed.
    • The value is buying and selling beneath $16,500 and the 100 hourly easy transferring common.
    • There’s a main bearish development line forming with resistance close to $16,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might proceed to say no if it breaks the $16,000 help zone.

    Bitcoin Value Faces Rejection

    Bitcoin price attempted an upside break above the $16,800 resistance zone. BTC struggled to realize tempo for a transfer above the $16,800 resistance and shaped a double prime sample.

    There was a sluggish and regular decline from the $16,791 excessive. There was a transfer beneath the $16,500 and $16,400 ranges. The bears have been capable of push the value beneath the 23.6% Fib retracement stage of the upward transfer from the $15,470 swing low to $16,790 excessive.

    Bitcoin worth is now buying and selling beneath $16,500 and the 100 hourly simple moving average. There may be additionally a significant bearish development line forming with resistance close to $16,550 on the hourly chart of the BTC/USD pair.

    The value is now consolidating close to the 50% Fib retracement stage of the upward transfer from the $15,470 swing low to $16,790 excessive. On the upside, a direct resistance is close to the $16,300 stage.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance is close to the $16,500 zone, the 100 hourly easy transferring common, and the highlighted bearish development line. A profitable transfer above the $16,500 resistance may ship the value additional greater. The subsequent main resistance is close to $16,800, above which the value might acquire tempo for a transfer in direction of the $17,500 zone.

    Extra Losses in BTC?

    If bitcoin fails to climb above the $16,500 resistance, it might proceed to maneuver down. An instantaneous help on the draw back is close to the $16,100 stage.

    The subsequent main help is close to the $16,000 zone, beneath which the value may acquire bearish momentum. Within the said case, the value may drop in direction of the $15,500 help zone.

    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 now beneath the 50 stage.

    Main Assist Ranges – $16,100, adopted by $16,000.

    Main Resistance Ranges – $16,500, $16,800 and $17,000.



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