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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

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    What does Crypto Index fund Means and How to Invest?

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    Who Will Reach $1 First In 2023?

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    5 Best New BSC Cryptocurrencies To Invest In 2023

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    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

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  • Analysis
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Bitcoin Eyes Fresh Rally, Why Close above $66k Is Important

2021-11-15
in Analysis
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Bitcoin Eyes Fresh Rally, Why Close above $66k Is Important
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Bitcoin value recovered losses and climbed above $65,000 towards the US Greenback. BTC should climb above the $66,350 zone to start out a recent rally within the close to time period.

  • Bitcoin began a recent enhance from the $62,500 assist zone.
  • The worth is now buying and selling above $65,000 and the 100 hourly easy shifting common.
  • There was a break above a key bearish pattern line with resistance close to $65,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin a recent enhance if there’s a clear shut above $66,000.

Bitcoin Value Faces Resistance

Bitcoin value remained effectively bid close to the $62,500 zone. Consequently, BTC began a recent enhance above the $64,000 resistance zone. There was a transparent break above the $65,000 resistance and the 100 hourly easy shifting common.

Apart from, there was a break above a key bearish pattern line with resistance close to $65,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement stage of the primary decline from the $68,762 swing excessive to $62,300 low.

On the upside, an instantaneous resistance is close to the $66,000 stage. The primary main resistance is close to the $66,400 stage. It’s near the 61.8% Fib retracement stage of the primary decline from the $68,762 swing excessive to $62,300 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

A transparent break above $66,350 resistance might probably name open the doorways for a recent enhance. The following main resistance sits close to the $68,000 stage, the place the bears may take a stand. An intermediate resistance for the bulls might probably be close to the $67,250 stage.

Contemporary Decline in BTC?

If bitcoin fails to clear the $66,350 resistance zone, it might begin a recent draw back correction. A right away assist on the draw back is close to the $65,200 stage.

The primary main assist is now forming close to the $65,000 stage and the damaged pattern line. Any extra losses could lead on the value in the direction of the $64,500 stage. The following main assist is close to the $64,000 stage, beneath which the value might even decline beneath the $63,500 assist zone.

Technical indicators:

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

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

Main Help Ranges – $65,200, adopted by $65,000.

Main Resistance Ranges – $66,000, $66,350 and $68,000.

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