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Home Analysis

Bitcoin Value Corrects, But Assist Zones Preserve Bulls in Play

December 18, 2024
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Bitcoin Value Corrects, But Assist Zones Preserve Bulls in Play
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Bitcoin worth began one other enhance above the $106,000 resistance zone. BTC traded to a brand new all-time excessive above $108,000 and is at present correcting features.

Bitcoin began a recent surge above the $106,000 zone.
The worth is buying and selling above $105,000 and the 100 hourly Easy shifting common.
There was a break beneath a key bullish pattern line with assist at $106,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may begin a recent enhance if it stays above the $103,750 assist zone.

Bitcoin Value Stays In Uptrend

Bitcoin worth fashioned a base and began a recent enhance above the $103,500 zone. There was a transfer above the $104,000 and $105,000 ranges.

The worth even cleared the $106,000 stage. A brand new all-time excessive was fashioned at $108,297 and the value is now correcting features. There was a minor decline beneath the 23.6% Fib retracement stage of the latest wave from the $99,250 swing low to the $108,297 excessive.

There was a break beneath a key bullish pattern line with assist at $106,000 on the hourly chart of the BTC/USD pair. Bitcoin worth is now buying and selling above $105,000 and the 100 hourly Easy shifting common.

On the upside, the value may face resistance close to the $106,200 stage. The primary key resistance is close to the $107,750 stage. A transparent transfer above the $107,750 resistance would possibly ship the value increased. The following key resistance could possibly be $108,250. An in depth above the $108,250 resistance would possibly ship the value additional increased.

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the value may rise and check the $112,000 resistance stage. Any extra features would possibly ship the value towards the $115,000 stage.

Extra Downsides In BTC?

If Bitcoin fails to rise above the $106,200 resistance zone, it may proceed to maneuver down. Fast assist on the draw back is close to the $105,000 stage.

The primary main assist is close to the $103,750 stage or the 50% Fib retracement stage of the latest wave from the $99,250 swing low to the $108,297 excessive. The following assist is now close to the $102,200 zone. Any extra losses would possibly ship the value towards the $100,500 assist 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 above the 50 stage.

Main Assist Ranges – $105,000, adopted by $103,750.

Main Resistance Ranges – $106,200, and $108,250.



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Tags: BitcoinBullsCorrectsPlayPriceSupportZones
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