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Bitcoin (BTC/USD) Technical Evaluation:
- Bitcoin prices slide from technical resistance driving costs again under $17000
- BTC/USD trades in a narrow range because the 20-day MA (moving average) gives help at $16540
- Support and Resistance kind between Fibonacci ranges of the 2017 – 2018 transfer however costs stay susceptible to FTX contagion risks
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Bitcoin Costs Slide From Psychological Resistance After a Short-term Retest of $17250
Bitcoin costs are buying and selling in one other large zone of technical support and resistance that has shaped between Fibonacci levels from the 2017 – 2018 transfer. With the 23.6% retracement offering help round $15761, the 14.4% fib holds as resistance at $17283.
Because the weekly chart under demonstrates the risky value motion that has contributed to each historic and up to date strikes, a bounce off $15479 has helped ease bearish momentum.
Bitcoin (BTC/USD) Weekly Chart
Chart ready by Tammy Da Costa utilizing TradingView
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What is a range in technical analysis?
Whereas BTC/USD appears to be like to finish the week on a optimistic notice, a transfer above the 20-day MA (transferring common) at $16540 has helped help barely larger costs. As a sequence of doji candles represents indecision round this zone, a maintain above the $17000 psychological deal with is critical to drive bullish momentum. As the present day by day excessive rests at $17250, additional upside might see the following barrier of resistance on the December 2020 low of $17569.58.
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Bitcoin (BTC/USD) Each day Chart
Chart ready by Tammy Da Costa utilizing TradingView
Nevertheless, given the vulnerability of the business to potential FTX contagion, a retest of $16000 and a transfer under $15479 might pave the way in which for bearish continuation potential in the direction of the June 2019 excessive of $13880.
— Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and observe Tammy on Twitter: @Tams707
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