{"id":11967,"date":"2022-11-15T03:53:36","date_gmt":"2022-11-15T07:53:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11967"},"modified":"2022-11-15T03:53:36","modified_gmt":"2022-11-15T07:53:36","slug":"bitcoin-price-consolidates-why-100-sma-could-start-a-decent-recovery","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/15\/bitcoin-price-consolidates-why-100-sma-could-start-a-decent-recovery\/","title":{"rendered":"Bitcoin Price Consolidates, Why 100 SMA Could Start A Decent Recovery"},"content":{"rendered":"

Bitcoin price remained stable above the $16,000 support zone. BTC could start a decent recovery wave if there is a clear move above the 100 hourly SMA.<\/em><\/p>\n

Bitcoin remained well bid above the $16,000 and $15,800 support levels.
\nThe price is trading below $17,000 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a recovery wave if it clears the $17,000 resistance zone.<\/p>\n

Bitcoin Price Faces Hurdles<\/h2>\n

Bitcoin price reacted to the downside once again<\/a> after it failed to clear the $17,200 zone. BTC declined below the $17,000 and $16,500 levels. It even spiked below the $16,200 level.<\/p>\n

However, the bulls were active above the $16,000 support zone. A low was formed near $16,164 and the price started a slow increase. There was a move above the $16,400 and $16,500 levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.<\/p>\n

Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average<\/a>. It is testing the 61.8% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.<\/p>\n

On the upside, an immediate resistance is near the $16,800 level. There is also a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC\/USD pair, and the 100 hourly simple moving average. A clear move above the $17,000 resistance might push the price further higher.<\/p>\n

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

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

The next major resistance is near $17,200, above which the price could test the $17,750 zone. Any more gains might send the price towards the $18,000 resistance zone.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,400 level.<\/p>\n

The next major support is near the $16,150 zone. A clear move below the $16,150 support might push the price further lower. In this case, the price may perhaps decline towards the $15,550 support zone.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $16,150, followed by $15,550.<\/p>\n

Major Resistance Levels \u2013 $16,800, $17,000 and $17,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price remained stable above the $16,000 support zone. BTC could start a decent recovery wave if there is a clear move above the 100 hourly SMA.<\/em><\/p>\n

Bitcoin remained well bid above the $16,000 and $15,800 support levels.
\nThe price is trading below $17,000 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a recovery wave if it clears the $17,000 resistance zone.<\/p>\n

Bitcoin Price Faces Hurdles<\/h2>\n

Bitcoin price reacted to the downside once again<\/a> after it failed to clear the $17,200 zone. BTC declined below the $17,000 and $16,500 levels. It even spiked below the $16,200 level.<\/p>\n

However, the bulls were active above the $16,000 support zone. A low was formed near $16,164 and the price started a slow increase. There was a move above the $16,400 and $16,500 levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.<\/p>\n

Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average<\/a>. It is testing the 61.8% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.<\/p>\n

On the upside, an immediate resistance is near the $16,800 level. There is also a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC\/USD pair, and the 100 hourly simple moving average. A clear move above the $17,000 resistance might push the price further higher.<\/p>\n

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

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

The next major resistance is near $17,200, above which the price could test the $17,750 zone. Any more gains might send the price towards the $18,000 resistance zone.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,400 level.<\/p>\n

The next major support is near the $16,150 zone. A clear move below the $16,150 support might push the price further lower. In this case, the price may perhaps decline towards the $15,550 support zone.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $16,150, followed by $15,550.<\/p>\n

Major Resistance Levels \u2013 $16,800, $17,000 and $17,500.<\/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-11967","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\/11967","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=11967"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11967\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11967"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}