{"id":12390,"date":"2022-11-21T02:54:40","date_gmt":"2022-11-21T06:54:40","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12390"},"modified":"2022-11-21T02:54:40","modified_gmt":"2022-11-21T06:54:40","slug":"bitcoin-price-grinds-lower-why-the-bears-are-not-done-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/21\/bitcoin-price-grinds-lower-why-the-bears-are-not-done-yet\/","title":{"rendered":"Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet"},"content":{"rendered":"

Bitcoin price is slowly moving lower towards $15,500. BTC remains at a risk of more losses unless it settles above the $17,000 resistance zone.<\/em><\/p>\n

Bitcoin started a fresh decline below the $16,500 and $16,400 levels.
\nThe price is trading below $16,500 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent increase if there is a move above the $16,500 resistance zone.<\/p>\n

Bitcoin Price Restarts Decline<\/h2>\n

Bitcoin price failed to gain pace above the $17,000 resistance<\/a>. BTC struggled to stay above the $16,650 level and started a fresh decline.<\/p>\n

The recent swing high was formed near $16,795 before the price dropped below the $16,500 support. There was a close below the $16,500 zone and the 100 hourly simple moving average<\/a>. The bears even pushed the price towards the $16,150 level.<\/p>\n

A low is formed near $16,156 and the price is now consolidating losses. On the upside, an immediate resistance is near the $16,300 level. It is near the 23.6% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low.<\/p>\n

The first major resistance is near the $16,400 zone. There is also a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC\/USD pair. The next major resistance is near the $16,500 level. It is near the 50% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low.<\/p>\n

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

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

Bitcoin price must clear the trend line resistance and then the 100 hourly simple moving average to move into a positive zone. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $18,000 zone.<\/p>\n

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

If bitcoin fails to gain pace above the $16,400 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,150 level.<\/p>\n

The next major support is near the $16,000 zone, below which the price might test the key support at $15,500. A clear move below the $15,500 support might send the price further lower.<\/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 in the oversold zone.<\/p>\n

Major Support Levels \u2013 $16,150, followed by $16,000.<\/p>\n

Major Resistance Levels \u2013 $16,350, $16,400 and $16,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is slowly moving lower towards $15,500. BTC remains at a risk of more losses unless it settles above the $17,000 resistance zone.<\/em><\/p>\n

Bitcoin started a fresh decline below the $16,500 and $16,400 levels.
\nThe price is trading below $16,500 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent increase if there is a move above the $16,500 resistance zone.<\/p>\n

Bitcoin Price Restarts Decline<\/h2>\n

Bitcoin price failed to gain pace above the $17,000 resistance<\/a>. BTC struggled to stay above the $16,650 level and started a fresh decline.<\/p>\n

The recent swing high was formed near $16,795 before the price dropped below the $16,500 support. There was a close below the $16,500 zone and the 100 hourly simple moving average<\/a>. The bears even pushed the price towards the $16,150 level.<\/p>\n

A low is formed near $16,156 and the price is now consolidating losses. On the upside, an immediate resistance is near the $16,300 level. It is near the 23.6% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low.<\/p>\n

The first major resistance is near the $16,400 zone. There is also a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC\/USD pair. The next major resistance is near the $16,500 level. It is near the 50% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low.<\/p>\n

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

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

Bitcoin price must clear the trend line resistance and then the 100 hourly simple moving average to move into a positive zone. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $18,000 zone.<\/p>\n

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

If bitcoin fails to gain pace above the $16,400 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,150 level.<\/p>\n

The next major support is near the $16,000 zone, below which the price might test the key support at $15,500. A clear move below the $15,500 support might send the price further lower.<\/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 in the oversold zone.<\/p>\n

Major Support Levels \u2013 $16,150, followed by $16,000.<\/p>\n

Major Resistance Levels \u2013 $16,350, $16,400 and $16,500.<\/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-12390","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\/12390","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=12390"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12390\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12390"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}