{"id":12200,"date":"2022-11-17T16:53:37","date_gmt":"2022-11-17T20:53:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12200"},"modified":"2022-11-17T16:53:37","modified_gmt":"2022-11-17T20:53:37","slug":"bitcoin-price-resists-but-breaking-this-resistance-could-encourage-bulls-2","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/17\/bitcoin-price-resists-but-breaking-this-resistance-could-encourage-bulls-2\/","title":{"rendered":"Bitcoin Price Resists But Breaking This Resistance Could Encourage Bulls"},"content":{"rendered":"

Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.<\/em><\/p>\n

Bitcoin is still consolidating above the $16,350 and $16,000 support levels.
\nThe price is trading just above $16,500 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $16,750 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 Resistance<\/h2>\n

Bitcoin price made an attempt to gain strength above the $17,000 resistance zone<\/a>. However, BTC struggled to remain stable above the $17,000 level.<\/p>\n

The price traded as high as $17,098 and recently started a slow decline. There was a move below the $16,800 and $16,650 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.<\/p>\n

The price even spiked below the $16,500 level. However, the bulls were active near the 50% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.<\/p>\n

Bitcoin price is now trading just above $16,500 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,750 level. There is also a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance could set the pace for a decent recovery wave.<\/p>\n

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

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

The next major resistance is near $17,500, above which the price could rise towards the $18,000 zone. Any more gains might send the price towards the $18,500 resistance zone.<\/p>\n

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

If bitcoin fails to gain pace above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,600 level and the 100 hourly SMA.<\/p>\n

The next major support is near the $16,350 zone. The main support is near the $16,000 zone. A clear move below the $16,000 support might spark another major decline in the near term.<\/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 $16,350, followed by $16,000.<\/p>\n

Major Resistance Levels \u2013 $16,750, $17,000 and $17,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.<\/em><\/p>\n

Bitcoin is still consolidating above the $16,350 and $16,000 support levels.
\nThe price is trading just above $16,500 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $16,750 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 Resistance<\/h2>\n

Bitcoin price made an attempt to gain strength above the $17,000 resistance zone<\/a>. However, BTC struggled to remain stable above the $17,000 level.<\/p>\n

The price traded as high as $17,098 and recently started a slow decline. There was a move below the $16,800 and $16,650 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.<\/p>\n

The price even spiked below the $16,500 level. However, the bulls were active near the 50% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.<\/p>\n

Bitcoin price is now trading just above $16,500 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,750 level. There is also a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance could set the pace for a decent recovery wave.<\/p>\n

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

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

The next major resistance is near $17,500, above which the price could rise towards the $18,000 zone. Any more gains might send the price towards the $18,500 resistance zone.<\/p>\n

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

If bitcoin fails to gain pace above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,600 level and the 100 hourly SMA.<\/p>\n

The next major support is near the $16,350 zone. The main support is near the $16,000 zone. A clear move below the $16,000 support might spark another major decline in the near term.<\/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 $16,350, followed by $16,000.<\/p>\n

Major Resistance Levels \u2013 $16,750, $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-12200","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\/12200","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=12200"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12200\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12200"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}