{"id":12239,"date":"2022-11-18T03:54:32","date_gmt":"2022-11-18T07:54:32","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12239"},"modified":"2022-11-18T03:54:32","modified_gmt":"2022-11-18T07:54:32","slug":"bitcoin-price-prediction-is-the-recovery-just-getting-started","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/18\/bitcoin-price-prediction-is-the-recovery-just-getting-started\/","title":{"rendered":"Bitcoin Price Prediction: Is the Recovery Just Getting Started?"},"content":{"rendered":"

Bitcoin price is slowly moving higher above the $16,750 resistance zone. BTC could gain bullish momentum if it settles above the $17,000 resistance zone.<\/em><\/p>\n

Bitcoin is slowly gaining pace from the $16,350 and $16,000 support levels.
\nThe price is trading above $16,500 and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $16,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a steady increase if there is a close above the $17,000 resistance zone.<\/p>\n

Bitcoin Price Starts Recovery<\/h2>\n

Bitcoin price corrected lower<\/a> below the $16,600 and $16,500 levels. However, BTC remained well bid above the $16,350 support zone. A low was formed near $16,370 and the price started a slow recovery wave.<\/p>\n

There was a move above the $16,500 and $16,600 resistance levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,098 swing high to $16,370 low. Besides, there was a break above a key bearish trend line with resistance near $16,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,950 level. It is near the 76.4% Fib retracement level of the recent decline from the $17,098 swing high to $16,370 low.<\/p>\n

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

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

The first major resistance is near the $17,000 zone. A close above the $17,000 resistance could set the pace for a steady recovery wave. The next major resistance is near $17,500, above which the price could gain pace for a move towards the $18,000 zone.<\/p>\n

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

If bitcoin fails to gain pace above the $17,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $16,700 level and the 100 hourly SMA.<\/p>\n

The next major support is near the $16,350 zone, below which the price might test the main support at $16,000. A clear move below the $16,000 support might send the price further lower.<\/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 $17,000, $17,500 and $18,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is slowly moving higher above the $16,750 resistance zone. BTC could gain bullish momentum if it settles above the $17,000 resistance zone.<\/em><\/p>\n

Bitcoin is slowly gaining pace from the $16,350 and $16,000 support levels.
\nThe price is trading above $16,500 and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $16,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a steady increase if there is a close above the $17,000 resistance zone.<\/p>\n

Bitcoin Price Starts Recovery<\/h2>\n

Bitcoin price corrected lower<\/a> below the $16,600 and $16,500 levels. However, BTC remained well bid above the $16,350 support zone. A low was formed near $16,370 and the price started a slow recovery wave.<\/p>\n

There was a move above the $16,500 and $16,600 resistance levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,098 swing high to $16,370 low. Besides, there was a break above a key bearish trend line with resistance near $16,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,950 level. It is near the 76.4% Fib retracement level of the recent decline from the $17,098 swing high to $16,370 low.<\/p>\n

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

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

The first major resistance is near the $17,000 zone. A close above the $17,000 resistance could set the pace for a steady recovery wave. The next major resistance is near $17,500, above which the price could gain pace for a move towards the $18,000 zone.<\/p>\n

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

If bitcoin fails to gain pace above the $17,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $16,700 level and the 100 hourly SMA.<\/p>\n

The next major support is near the $16,350 zone, below which the price might test the main support at $16,000. A clear move below the $16,000 support might send the price further lower.<\/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 $17,000, $17,500 and $18,000.<\/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-12239","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\/12239","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=12239"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12239\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12239"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}