TA: Bitcoin Price Trims Gains, Why BTC Could Dive To New Monthly Low
28 Settembre 2022 - 4:38AM
NEWSBTC
Bitcoin failed to stay above the $20,000 resistance against the US
Dollar. BTC is sliding and might even break the $18,250 support
zone. Bitcoin failed to stay above the $20,000 resistance and
started a fresh decline. The price is trading below $19,000 and the
100 hourly simple moving average. There was a break below a key
bullish trend line with support near $19,450 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could accelerate
lower below the $18,250 support zone in the near term. Bitcoin
Price Restarts Decline Bitcoin price attempted a decent upward move
above the $19,500 resistance. BTC even climbed above the $20,000
resistance and the 100 hourly simple moving average. However, the
crypto market faced a fresh selling interest after the US Dollar
regained strength. As a result, bitcoin price topped near the
$20,383 level and started another decline. There was a sharp move
below the $20,000 level. Besides, there was a break below a key
bullish trend line with support near $19,450 on the hourly chart of
the BTC/USD pair. The pair declined below the 61.8% Fib retracement
level of the upward move from the $18,645 swing low to $20,383
high. It is now trading below $19,000 and the 100 hourly simple
moving average. An immediate support on the downside sits near the
$18,600 level, with a bearish angle. On the upside, an immediate
resistance is near the $19,000 level. Source: BTCUSD on
TradingView.com The next major resistance sits near the $19,200
zone and the 100 hourly simple moving average. A close above the
$19,200 level might start a decent increase. In the stated case,
the price could rise towards $19,500. Any more gains might lead the
price higher towards the $20,000 resistance zone. More Losses in
BTC? If bitcoin fails to recover above the $19,200 resistance zone,
it could continue to move down. An immediate support on the
downside is near the $18,500 zone. The next major support is near
the $18,250 zone. It is near the 10236 Fib extension level of the
upward move from the $18,645 swing low to $20,383 high. Any more
losses might call for a drop towards the $17,500 support zone in
the coming sessions. Technical indicators: Hourly MACD – The MACD
is now gaining pace in the bearish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $18,500, followed by $18,250. Major
Resistance Levels – $19,000, $19,200 and $20,000.
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