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Friday, February 3, 2023
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    HomeMarketWhy BTC Could Still Tumble Below $16K

    Why BTC Could Still Tumble Below $16K

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    Bitcoin value did not clear $18,000 and corrected decrease. BTC is signaling bearish indicators and may even begin a recent decline within the coming classes.

    • Bitcoin began a downward transfer and traded under the $17,600 assist.
    • The value is buying and selling under $17,500 and the 100 hourly easy transferring common.
    • There was a break under a serious bullish pattern line with assist close to $17,620 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may proceed to maneuver decrease until it reclaims the 100 hourly SMA.

    Bitcoin Value Restarts Decline

    Bitcoin price attempted an upside break above the $18,400 zone resistance zone. BTC failed to remain above the $18,000 pivot stage and reacted the draw back.

    A excessive was shaped close to $18,387 earlier than the value began a recent decline. There was a transparent transfer under the $18,200 and $18,000 ranges. The value declined under the 50% Fib retracement stage of the important thing wave from the $16,881 low to $18,387 excessive.

    In addition to, there was a break under a serious bullish pattern line with assist close to $17,620 on the hourly chart of the BTC/USD pair. Bitcoin value is now under $17,500 and the 100 hourly simple moving average.

    Bitcoin Price Prediction

    Supply: BTCUSD on TradingView.com

    On the upside, a direct resistance is close to the $17,500 stage and the 100 hourly easy transferring common. The primary main resistance is close to the $17,650 zone, above which the value might maybe revisit the $18,000 zone. The subsequent main resistance is close to $18,380, above which the value may acquire tempo and rise in the direction of the $19,000 stage.

    Extra Losses in BTC?

    If bitcoin fails to clear the $17,650 resistance, there might be extra downsides. A direct assist on the draw back is close to the $17,240 stage. It’s close to the 76.4% Fib retracement stage of the important thing wave from the $16,881 low to $18,387 excessive.

    The subsequent main assist is close to the $17,000 zone. A draw back break under the $17,000 assist may name extra losses. Within the acknowledged case, the value may decline in the direction of the $16,500 assist within the close to time period. Any extra losses may stage a bigger decline under the $16,000 stage within the coming days.

    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 under the 50 stage.

    Main Help Ranges – $17,250, adopted by $17,000.

    Main Resistance Ranges – $17,650, $18,000 and $18,380.



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