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Monday, December 5, 2022
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    HomeMarketTug Of War Between Bulls And Bears, Will Bitcoin Price Retest $19,000?

    Tug Of War Between Bulls And Bears, Will Bitcoin Price Retest $19,000?

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    The value of Bitcoin (BTC) has continued to battle towards Tether (USDT) as bulls and bears are caught in a tug of struggle concerning the place Bitcoin worth needs to be headed as we method the month-to-month shut. Bitcoin’s (BTC) worth confirmed a lot steam, nevertheless it looks as if it was only a bull entice for a lot of traders and merchants. (Information from Binance)

    Bitcoin (BTC) Value Evaluation On The Weekly Chart 

    Bitcoin’s (BTC) price has proven a lot power making an attempt to carry above $19,500 up to now few days, with the worth bouncing instantly because it drops into the sub $19,800 on a number of events.

    The value of BTC has continued to indicate power, making an attempt to interrupt above $20,500 regardless of being rejected; the BTC worth wants to interrupt this space appearing as resistance for bulls to have the possibility of pushing the worth greater to a area of $22,000.

    BTC is presently buying and selling beneath its resistance, stopping the worth from trending greater; if BTC can not break previous this resistance of $20,800, we may see the worth revisiting the help area at $19,000, appearing as a requirement zone for many traders.

    Weekly resistance for the worth of BTC – $20,800.

    Weekly help for the worth of BTC – $19,000.

    Value Evaluation Of BTC On The Day by day (1D) Chart

    Day by day BTC Value Chart | Supply: BTCUSDT On Tradingview.com

    The value of BTC discovered its every day low at $19,500; as the worth bounced off from that area, BTC’s worth has remained robust, buying and selling above $19,000, not permitting bears to take the worth decrease. 

    Regardless of being rejected lately from the $20,500 mark, BTC worth has proven nice bullish power, not retesting the help area of $19,000 as this could favor bears.

    The value of BTC is buying and selling at $20,100 beneath the every day 50-day and 200-day Exponential Shifting Common (EMA).

    The 50 and 200 EMA correspond to costs of $22,200 and $30,000, respectively, appearing as resistances for the worth of BTC to development greater. If the BTC worth breaks and holds above the $22,200 akin to the 50 EMA, we may see the worth trending greater to $23,000.

    If BTC’s worth fails to interrupt above its resistances, then costs would discover extra momentum at its help of $19,000 and even decrease.

    Day by day (1D) resistance for the BTC worth – $22,200, $30,000.

    Day by day (1D) help for the BTC worth – $19,000.

    Value Evaluation Of BTC On The 4-Hourly (4H) Chart

    4-Hourly BTC Value Chart | Supply: BTCUSDT On Tradingview.com

    The value of BTC on the 4H chart has continued to look bearish, making an attempt to carry above the help space at $19,000. BTC worth presently trades beneath the 50 EMA on the 4H chart, with extra sellers keen to push the worth decrease.

    After forming a bullish divergence on the 4H chart as the worth was oversold, the BTC worth bounced from $19,500 to $20,000, however the worth was unable to interrupt above the 50 EMA, appearing as resistance for the BTC worth; the 50 EMA worth corresponds to the help at $20,600.

    The Relative Energy Index (RSI) for BTC on the 4H chart is beneath 50, indicating much less purchase order quantity for the BTC worth.

    BTC’s month-to-month shut would give us a broader view of the following motion of Bitcoin worth and the place the market is headed.

    4-Hourly (4H) resistance for the BTC worth – $20,600.

    4-Hourly (4H) help for the BTC worth – $19,000.

    Featured Picture From zipmex, Charts From TradingView.com 



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