Bitcoin Price Stuck Below $17K, What Could Spark A Decent Increase
16 November 2022 - 03:20AM
NEWSBTC
Bitcoin price is attempting a recovery wave from the $16,000
support zone. BTC could start a decent increase if it clears the
$17,000 and $17,200 resistance levels in the short term. Bitcoin is
slowly moving higher and consolidating above the $16,500 level. The
price is trading above $16,500 and the 100 hourly simple moving
average. There is a connecting bearish trend line forming with
resistance near $16,900 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could start a recovery wave if it
clears the $17,000 resistance zone. Bitcoin Price Consolidates
Bitcoin price remained stable above the $16,000 support zone. BTC
formed a base and slowly moved higher above the $16,350 resistance
zone. There was a move above the 23.6% Fib retracement level of the
downward move from the $18,155 swing high to $15,833 low. The bulls
were able to contain losses and the price started to move in a
range above the $16,400 level. Bitcoin price is now trading above
$16,500 and the 100 hourly simple moving average, similar to
ethereum. On the upside, an immediate resistance is near the
$16,900 level. There is also a connecting bearish trend line
forming with resistance near $16,900 on the hourly chart of the
BTC/USD pair. The trend line is near the 50% Fib retracement level
of the downward move from the $18,155 swing high to $15,833 low.
The first major resistance is near the $17,000 zone. A clear move
above the $17,000 resistance might start a decent increase. Source:
BTCUSD on TradingView.com The next major resistance is near
$17,265, above which the price could test the $18,000 zone. Any
more gains might send the price towards the $18,500 resistance
zone. Fresh Decline in BTC? If bitcoin fails to start a recovery
wave above the $17,000 resistance zone, it could start a fresh
decline. An immediate support on the downside is near the $16,650
level and the 100 hourly SMA. The next major support is near the
$16,350 zone. A clear move below the $16,350 support might push the
price further lower. In this case, the price may perhaps decline
towards the $16,000 support zone. Technical indicators: Hourly MACD
– The MACD is now losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now above the 50
level. Major Support Levels – $16,350, followed by $16,000. Major
Resistance Levels – $16,900, $17,000 and $17,500.
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