Monday, March 27, 2023
No Result
View All Result
Blockchain Daily Report
Advertisement
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS
Crypto Marketcap
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS
Crypto Marketcap
Logo
No Result
View All Result
Home Analysis

Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level

by Blockchain Daily Report
December 10, 2022
in Analysis
Reading Time: 2 mins read
A A
0
Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level
Share on FacebookShare on Twitter


Bitcoin value prolonged its decline beneath the $17,000 stage. BTC might keep away from a significant drop if it closes above the $17,000 resistance zone.

Bitcoin remained in a bearish zone and traded beneath the $17,000 assist.
The worth is buying and selling beneath $17,000 and the 100 hourly easy transferring common.
There’s a key bearish pattern line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair is exhibiting a couple of bearish indicators beneath the $17,000 pivot stage.

Bitcoin Worth Is Exhibiting Bearish Indicators

Bitcoin value failed to remain in a optimistic zone above the $17,000 pivot stage. BTC bears have been energetic and there was a push beneath the $16,800 assist zone.

The worth examined the $16,700 stage and settled beneath the 100 hourly easy transferring common. A low is shaped close to $16,700 and the value is now consolidating losses. There was a minor improve above the $16,800 resistance stage.

Bitcoin value climbed above the 23.6% Fib retracement stage of the latest decline from the $17,130 swing excessive to $16,700 low. It’s now buying and selling beneath $17,000 and the 100 hourly easy transferring common. There may be additionally a key bearish pattern line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair.

On the upside, an instantaneous resistance is close to the $16,920 stage and the bearish pattern line. It’s close to the 50% Fib retracement stage of the latest decline from the $17,130 swing excessive to $16,700 low.

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $17,000 zone, above which the value could maybe begin one other regular improve. Within the said case, the value might rise in the direction of the $17,200 resistance. The subsequent main resistance is close to $17,450, above which the value rise in the direction of the $18,000 zone within the close to time period.

Extra Losses in BTC?

If bitcoin fails to start out a recent improve above the $17,000 resistance, there may very well be extra downsides. A right away assist on the draw back is close to the $16,700 stage.

The subsequent main assist is close to the $16,500 zone. A draw back break beneath the $16,500 assist may name a drop in the direction of $16,000. Any extra losses may push the value in the direction of the $15,500 pivot zone within the close to time period.

Technical indicators:

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

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

Main Assist Ranges – $16,700, adopted by $16,500.

Main Resistance Ranges – $16,920, $17,000 and $17,200.



Source link

Tags: avoidBitcoinClosesDowntrendkeyLevelprice
Share76Tweet47

Related Posts

Coinbase stock falls again, what happens next for struggling exchange?

Coinbase stock falls again, what happens next for struggling exchange?

by Blockchain Daily Report
March 24, 2023
0

Key Takeaways Coinbase was issued with a Wells discover this week and now awaits formal costs from the SEC Regulators...

Crypto price predictions: OAX, Mask Network, Arbitrum

Crypto price predictions: OAX, Mask Network, Arbitrum

by Blockchain Daily Report
March 25, 2023
0

Cryptocurrency costs had a comparatively robust efficiency this week even because the banking disaster escalated. Bitcoin rose to a excessive of...

For new investors in the crypto market, Bitcoin shares are recommended for entry instead

For new investors in the crypto market, Bitcoin shares are recommended for entry instead

by Blockchain Daily Report
March 24, 2023
0

The Bitcoin value skilled a drastic downward motion within the early morning hours of March 3, inflicting it to drop...

Here are the 12 Best GameFi Crypto Tokens to Invest in Now

Here are the 12 Best GameFi Crypto Tokens to Invest in Now

by Blockchain Daily Report
March 25, 2023
0

2023 might be the yr that GameFi actually begins to take off. An increasing number of thrilling GameFi tasks are...

Bitcoin slides off Fed meeting before bouncing back, but what next?

Bitcoin slides off Fed meeting before bouncing back, but what next?

by Blockchain Daily Report
March 26, 2023
0

Key Takeaways Federal Reserve hikes 25 bps, Bitcoin drops over 6% Bounceback in costs comply with, nonetheless, as market bets...

Load More
  • Trending
  • Comments
  • Latest
Mine CLORE Coins Used by the CLORE.AI Distributed Computing Platform

Mine CLORE Coins Used by the CLORE.AI Distributed Computing Platform

January 23, 2023
WildRig Multi 0.36.4 beta Now With Faster NEXA Performance and Lower Fee

WildRig Multi 0.36.4 beta Now With Faster NEXA Performance and Lower Fee

January 23, 2023
The 100 most popular art museums in the world—who has recovered and who is still struggling?

The 100 most popular art museums in the world—who has recovered and who is still struggling?

March 27, 2023
A Look at the Fed’s Recent Custodia Bank Denial and the Central Bank’s Push Back Against Narrow Banking – Economics Bitcoin News

A Look at the Fed’s Recent Custodia Bank Denial and the Central Bank’s Push Back Against Narrow Banking – Economics Bitcoin News

March 27, 2023
ARK Invest Scoops Up Coinbase, Block Shares for Second Straight Day

ARK Invest Scoops Up Coinbase, Block Shares for Second Straight Day

March 27, 2023
US Lawmaker Introduces Bill to Affirm Blockchain Developers and Non-Custodial Services Are Not Money Transmitters – Regulation Bitcoin News

US Lawmaker Introduces Bill to Affirm Blockchain Developers and Non-Custodial Services Are Not Money Transmitters – Regulation Bitcoin News

March 27, 2023
Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro – Bitcoin News

Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro – Bitcoin News

March 26, 2023
Animoca Brands refutes claims of scaling back metaverse fund target and plummeting valuation

Animoca Brands refutes claims of scaling back metaverse fund target and plummeting valuation

March 26, 2023
Joanne Hollings NFT Artist Interview | NFT CULTURE | NFT News | Web3 Culture

Joanne Hollings NFT Artist Interview | NFT CULTURE | NFT News | Web3 Culture

March 27, 2023
Analyst Benjamin Cowen Issues Altcoin Warning, Says Regulatory Uncertainty Means Bitcoin Steals the Show

Analyst Benjamin Cowen Issues Altcoin Warning, Says Regulatory Uncertainty Means Bitcoin Steals the Show

March 26, 2023
Facebook Twitter Instagram Youtube RSS

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Blockchain Daily Report.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Blockchain Daily Report.
Blockchain Daily Report is not responsible for the content of external sites.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS

Copyright © 2022 Blockchain Daily Report.
Blockchain Daily Report is not responsible for the content of external sites.

  • bitcoinBitcoin(BTC)$27,991.000.49%
  • ethereumEthereum(ETH)$1,767.23-1.03%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.44%
  • binancecoinBNB(BNB)$328.760.07%
  • usd-coinUSD Coin(USDC)$1.00-0.45%
  • rippleXRP(XRP)$0.4674870.23%
  • cardanoCardano(ADA)$0.352057-2.46%
  • staked-etherLido Staked Ether(STETH)$1,771.49-0.69%
  • dogecoinDogecoin(DOGE)$0.073819-1.89%