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Bitcoin Value Holds Key Help However The Bulls Appear To Be Shedding Steam

SB Crypto Guru News by SB Crypto Guru News
January 27, 2023
in Analysis
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Bitcoin Value Holds Key Help However The Bulls Appear To Be Shedding Steam


Bitcoin value did not settle above $23,500 and corrected decrease. BTC is buying and selling above $22,400, however it’s now buying and selling under the 100 hourly SMA.

  • Bitcoin is slowly shifting decrease from the $23,500 resistance zone.
  • The worth is buying and selling under $23,000 and the 100 hourly easy shifting common.
  • There’s a key contracting triangle forming with resistance close to $23,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a recent enhance if it clears the $23,000 resistance zone.

Bitcoin Value Faces Resistance

Bitcoin value tried a recent enhance above the $23,500 resistance zone. Nonetheless, BTC struggled to realize bullish momentum above the $23,800 degree. A brand new yearly excessive was shaped close to $23,829 and the worth began a draw back correction.

There was a drop under the $23,200 and $23,000 help ranges. The worth even spiked under $22,500 and traded as little as $22,492. It’s now consolidating losses above $22,500.

Bitcoin value is now buying and selling under $23,000 and the 100 hourly easy shifting common. There may be additionally a key contracting triangle forming with resistance close to $23,000 on the hourly chart of the BTC/USD pair.

It’s slowly shifting above the 23.6% Fib retracement degree of the current decline from the $23,829 swing excessive to $22,492 low. An instantaneous resistance is close to the $23,000 degree, the 100 hourly easy shifting common, and the triangle development line.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The following main resistance is close to the $23,150 zone or the 50% Fib retracement degree of the current decline from the $23,829 swing excessive to $22,492 low, above which the worth may acquire bullish momentum. Within the said case, the worth could maybe rise in the direction of the $23,800 degree. The following resistance might be close to the $24,200 degree. Any extra beneficial properties may ship btc value in the direction of the $25,000 degree.

Draw back Break in BTC?

If bitcoin value fails to clear the $23,000 resistance, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $22,500 zone and the triangle decrease development line.

The following main help is close to the $22,400 zone. A draw back break under the $22,400 degree may ship the worth in the direction of the $22,000 degree. Any extra losses may ship the worth to $21,250 within the close to time period.

Technical indicators:

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

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

Main Help Ranges – $22,500, adopted by $22,400.

Main Resistance Ranges – $23,000, $23,150 and $23,500.



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