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    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    Best Crypto Exchange Affiliate Programs in 2023

    Best Crypto Exchange Affiliate Programs in 2023

    What does Crypto Index fund Means and How to Invest?

    What does Crypto Index fund Means and How to Invest?

    Who Will Reach $1 First In 2023?

    Who Will Reach $1 First In 2023?

    5 Best New BSC Cryptocurrencies To Invest In 2023

    5 Best New BSC Cryptocurrencies To Invest In 2023

    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

    5 Reasons Why Shiba Inu Will Rule The Crypto Market In 2023

    5 Reasons Why Shiba Inu Will Rule The Crypto Market In 2023

    Top 5 Cryptocurrencies Under $1 that Will Explode in January 2023

    Top 5 Cryptocurrencies Under $1 that Will Explode in January 2023

    Chinese New Year And Bitcoin Will There Finally Be Fireworks For The King

    Chinese New Year And Bitcoin Will There Finally Be Fireworks For The King

  • Analysis
    Bulls Aim Big After Recent Surge Above $0.5

    Bulls Aim Big After Recent Surge Above $0.5

    Ethereum Breaks USD 4K, Indicators Suggest Short-term Recovery

    Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $1,920

    ADA Price (Cardano) Plunge To $0.32 On The Horizon As Bulls Show Weak Hands

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    Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

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    Doge Breaking This Single Level Will Spark Fresh Rally

    Ethereum Price Indicators Show Vulnerability to Bigger Correction

    Ethereum Price Key Indicators Suggest A Strengthening Case For Surge To $2K

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    Rally Gathers Pace, $0.55 Target In Sight

    Polkadot Experiences Correction After Reaching $5.54: What’s Next In Store?

    Polkadot Experiences Correction After Reaching $5.54: What’s Next In Store?

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    Play to Earn with Eternal Dragons via PvP and PvE Leaderboards

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Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K

2021-11-18
in Analysis
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Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K
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Bitcoin worth began an upside correction above $60,000 towards the US Greenback. BTC might recuperate additional, however the bears may stay lively close to $62,500.

  • Bitcoin remains to be buying and selling nicely beneath the $62,000 and $62,500 resistance ranges.
  • The value is now buying and selling beneath $62,000 and the 100 hourly easy shifting common.
  • There’s a main bearish pattern line with resistance close to $60,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might recuperate in direction of $62,500, the place the bears may take a stand.

Bitcoin Worth Turns Crimson

Bitcoin worth prolonged decline beneath the $62,000 help zone. BTC even traded beneath the $60,000 help stage and settled beneath the 100 hourly easy shifting common.

Lastly, the value traded as little as $58,630 and is now consolidating losses. There was a minor restoration wave above the $59,500 and $60,000 ranges. There was a break above the 23.6% Fib retracement stage of the principle drop from the $66,350 swing excessive to $58,630 low.

On the upside, an instantaneous resistance is close to the $60,700 stage. There may be additionally a serious bearish pattern line with resistance close to $60,700 on the hourly chart of the BTC/USD pair.

A correct shut above the $60,700 stage might set the tone for a bigger improve. The primary main resistance is close to the $62,500 stage. It’s near the 50% Fib retracement stage of the principle drop from the $66,350 swing excessive to $58,630 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

If the bulls push the value in direction of $62,500, the bears are prone to take a stand. Any extra good points might open the doorways for a transfer in direction of the $63,200 stage.

Extra Losses in BTC?

If bitcoin fails to recuperate above the $61,200 resistance zone, it might lengthen decline. A direct help on the draw back is close to the $59,500 stage.

The primary main help is now forming close to the $59,200 stage. The following main help is close to the $58,500 stage, beneath which the bears may purpose a extra downsides. Within the acknowledged case, the value could maybe slide in direction of the $55,000 help zone within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now simply above the 50 stage.

Main Assist Ranges – $59,200, adopted by $58,500.

Main Resistance Ranges – $60,700, $61,200 and $62,500.

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