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Thursday, September 29, 2022
HomeNewsTA: Bitcoin Price Will not Go Down Quietly: Key Supports To Watch

TA: Bitcoin Price Will not Go Down Quietly: Key Supports To Watch

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Bitcoin prolonged losses under the $23,650 help zone in opposition to the US Dollar. BTC should keep above $23,200 to keep away from extra losses within the close to time period.

  • Bitcoin remained in a bearish zone and traded under the $23,650 help.
  • The value is now buying and selling under the $23,650 stage and the 100 hourly easy shifting common.
  • There is a connecting bearish pattern line forming with resistance close to $24,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may prolong losses if there’s a clear transfer under the $23,200 help within the close to time period.

Bitcoin Price Drops Further

Bitcoin value failed to remain in a optimistic zone above the $24,000 stage. BTC began one other decline and traded under the $23,650 help zone.

There was a transparent transfer under the $23,500 stage and the 100 hourly easy shifting common. Finally, the worth discovered help close to the $23,200 zone. A low was fashioned close to $23,193 and the worth is now consolidating losses.

Bitcoin value is now buying and selling under the $23,650 stage and the 100 hourly easy shifting common. On the upside, an instantaneous resistance is close to the $23,500 stage. It is close to the 23.6% Fib retracement stage of the current decline from the $24,438 swing excessive to $23,193 low.

The first main resistance on the upside sits close to the $23,800 stage. It is close to the 50% Fib retracement stage of the current decline from the $24,438 swing excessive to $23,193 low.

The essential resistance is forming close to the $24,000 zone and the 100 hourly easy shifting common. There can also be a connecting bearish pattern line forming with resistance close to $24,000 on the hourly chart of the BTC/USD pair. An in depth above the $23,800 and $24,000 resistance ranges would possibly begin one other improve.

Source: BTCUSD on TradingView.com

In the said case, the worth might maybe climb in the direction of the $24,500 resistance. Any extra features would possibly ship the worth in the direction of the $25,000 stage.

More Losses in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it may proceed to maneuver down. An speedy help on the draw back is close to the $23,320 stage.

The subsequent main help now sits close to the $23,200 stage. A draw back break and shut under the $23,200 stage would possibly spark one other decline. In the said case, the worth would possibly decline in the direction of the $22,750 stage.

Technical indicators:

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

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

Major Support Levels – $23,320, adopted by $23,200.

Major Resistance Levels – $23,500, $23,800 and $24,000.

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