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Thursday, October 6, 2022
HomeNewsBitcoin Price Topside Bias Weak Except It Surges Previous $24.5K

Bitcoin Price Topside Bias Weak Except It Surges Previous $24.5K

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Bitcoin is struggling under $24,500 in opposition to the US Dollar. BTC may proceed to maneuver down under the $23,650 and $23,500 assist ranges.

  • Bitcoin is slowly transferring decrease and buying and selling effectively under the $25,000 stage.
  • The worth is now buying and selling under the $24,200 stage and the 100 hourly easy transferring common.
  • There is a key bearish pattern line forming with resistance close to $24,020 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may lengthen losses under the $23,650 and $23,500 assist ranges within the close to time period.

Bitcoin Price Turns Red

Bitcoin worth began a sluggish and regular decline from the $25,000 resistance zone. BTC declined under the $24,650 and $24,500 ranges to maneuver right into a short-term bearish zone.

There was a break under the $24,000 stage and the 100 hourly easy transferring common. The worth traded as little as $23,673 and is at the moment consolidating losses. On the upside, an instantaneous resistance is close to the $24,000 stage. It is close to the 23.6% Fib retracement stage of the latest drop from the $25,200 swing excessive to $23,673 low.

There can be a key bearish pattern line forming with resistance close to $24,020 on the hourly chart of the BTC/USD pair. The first main resistance on the upside sits close to the $24,250 stage and the 100 hourly easy transferring common.

The subsequent key resistance is close to the $24,450 zone. It is close to the 50% Fib retracement stage of the latest drop from the $25,200 swing excessive to $23,673 low. An in depth above the $24,450 and $24,500 resistance ranges would possibly begin one other improve.

Source: BTCUSD on TradingView.com

In the said case, the worth might maybe climb in direction of the $25,000 resistance. Any extra good points would possibly ship the worth in direction of the $25,800 stage.

More Losses in BTC?

If bitcoin fails to clear the $24,450 resistance zone, it may proceed to maneuver down. An rapid assist on the draw back is close to the $23,675 stage.

The subsequent main assist now sits close to the $23,450 stage. A draw back break and shut under the $23,450 stage would possibly put a variety of strain on the bulls. In the said case, the worth would possibly decline in direction of the $22,750 stage.

Technical indicators:

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

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

Major Support Levels – $23,650, adopted by $23,500.

Major Resistance Levels – $24,020, $24,450 and $24,500.

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