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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

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    Doge Breaking This Single Level Will Spark Fresh Rally

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    Rally Gathers Pace, $0.55 Target In Sight

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

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Bitcoin Turns Red, Why Bears Aim A Retest of $55K

2021-11-17
in Analysis
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Bitcoin Turns Red, Why Bears Aim A Retest of $55K
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Bitcoin value prolonged decline beneath the $60k assist in opposition to the US Greenback. BTC might lengthen losses in the direction of $55k within the coming classes.

  • Bitcoin began a contemporary decline beneath the $65k and $62k assist ranges.
  • The value is now buying and selling beneath $60,000 and the 100 hourly easy shifting common.
  • There’s a key bearish pattern line forming with resistance close to $61,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might lengthen losses beneath the $58,500 and $57,500 assist ranges within the close to time period.

Bitcoin Value Beneficial properties Bearish Momentum

Bitcoin value began a contemporary decline from nicely above the $65,000 zone. BTC traded beneath the important thing $65,000 assist degree to enter a bearish zone.

There was a transparent break beneath the $62,000 assist and the 100 hourly easy shifting common. Lastly, the value traded beneath the principle $60,000 assist zone. A low is fashioned close to $58,630 and the value is now consolidating losses.

On the upside, an instantaneous resistance is close to the $60,000 degree. The primary main resistance is close to the $60,450 degree. It’s near the 23.6% Fib retracement degree of the important thing decline from the $66,350 swing excessive to $58,630 low.

There’s additionally a key bearish pattern line forming with resistance close to $61,000 on the hourly chart of the BTC/USD pair. A transparent break above $61,000 resistance could presumably name open the doorways for a gentle restoration. The subsequent main resistance sits close to the $62,500 degree.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The 50% Fib retracement degree of the important thing decline from the $66,350 swing excessive to $58,630 low can be close to the $62,500 degree to behave as a key hurdle. A transfer above the $62,500 degree would possibly begin a contemporary rally.

Extra Losses in BTC?

If bitcoin fails to get well above the $61,000 resistance zone, it might lengthen decline. An instantaneous assist on the draw back is close to the $58,800 degree.

The primary main assist is now forming close to the $58,650 degree. The subsequent main assist is close to the $58,000 degree, beneath which the bears would possibly intention a retest of the $55,000 assist zone within the close to time period.

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 beneath the 50 degree.

Main Assist Ranges – $58,500, adopted by $58,000.

Main Resistance Ranges – $60,450, $61,000 and $62,500.

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