{"id":11755,"date":"2022-11-11T03:52:37","date_gmt":"2022-11-11T07:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11755"},"modified":"2022-11-11T03:52:37","modified_gmt":"2022-11-11T07:52:37","slug":"bitcoin-price-rejects-18k-why-there-is-risk-of-another-drop-to-16k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/11\/bitcoin-price-rejects-18k-why-there-is-risk-of-another-drop-to-16k\/","title":{"rendered":"Bitcoin Price Rejects $18K, Why There is Risk of Another Drop To $16K"},"content":{"rendered":"

Bitcoin price recovered over $1,500 and climbed above $17,500. BTC failed to clear the $18,000 resistance and started a fresh decline.<\/em><\/p>\n

Bitcoin started a recovery wave above the $17,000 and $17,200 resistance levels.
\nThe price is trading below $18,500 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could resume its decline if there is a close below the $16,750 support zone.<\/p>\n

Bitcoin Price Faces Key Hurdle<\/h2>\n

Bitcoin price declined heavily below the $18,000 support zone. FTX\u2019s fall is still hurting the market and there was a strong decline towards the $16,000 support zone.<\/p>\n

The price traded as low as $15,555 and recently started an upside correction, similar to ethereum<\/a>, bnb, and ripple<\/a>. There was a steady recovery wave above the $16,500 and $17,000 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $20,670 swing high to $15,555 low. There is also a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price also moved above the $17,500 level, but it struggled near the $18,000 resistance zone. The 50% Fib retracement level of the main decline from the $20,670 swing high to $15,555 low also acted as a strong resistance.<\/p>\n

It is now trading below $18,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $17,400 level. The first major resistance is near the $18,000 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $18,000 resistance might push the price further higher. The next major resistance is near $18,500 or the 100 hourly simple moving average, above which the price could test the $20,000 zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to start a recovery wave above the $18,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,900 level and the trend line.<\/p>\n

The next major support is near the $16,750 zone. A clear move below the $16,750 support might push the price further lower. In this case, the price may perhaps decline towards the $16,000 support zone.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $16,900, followed by $16,750.<\/p>\n

Major Resistance Levels \u2013 $17,400, $18,000 and $18,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price recovered over $1,500 and climbed above $17,500. BTC failed to clear the $18,000 resistance and started a fresh decline.<\/em><\/p>\n

Bitcoin started a recovery wave above the $17,000 and $17,200 resistance levels.
\nThe price is trading below $18,500 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could resume its decline if there is a close below the $16,750 support zone.<\/p>\n

Bitcoin Price Faces Key Hurdle<\/h2>\n

Bitcoin price declined heavily below the $18,000 support zone. FTX\u2019s fall is still hurting the market and there was a strong decline towards the $16,000 support zone.<\/p>\n

The price traded as low as $15,555 and recently started an upside correction, similar to ethereum<\/a>, bnb, and ripple<\/a>. There was a steady recovery wave above the $16,500 and $17,000 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $20,670 swing high to $15,555 low. There is also a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price also moved above the $17,500 level, but it struggled near the $18,000 resistance zone. The 50% Fib retracement level of the main decline from the $20,670 swing high to $15,555 low also acted as a strong resistance.<\/p>\n

It is now trading below $18,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $17,400 level. The first major resistance is near the $18,000 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $18,000 resistance might push the price further higher. The next major resistance is near $18,500 or the 100 hourly simple moving average, above which the price could test the $20,000 zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to start a recovery wave above the $18,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,900 level and the trend line.<\/p>\n

The next major support is near the $16,750 zone. A clear move below the $16,750 support might push the price further lower. In this case, the price may perhaps decline towards the $16,000 support zone.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $16,900, followed by $16,750.<\/p>\n

Major Resistance Levels \u2013 $17,400, $18,000 and $18,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-11755","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=11755"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11755\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11755"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}