{"id":12557,"date":"2022-11-23T02:55:29","date_gmt":"2022-11-23T06:55:29","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12557"},"modified":"2022-11-23T02:55:29","modified_gmt":"2022-11-23T06:55:29","slug":"bitcoin-price-recovery-remains-capped-why-100-sma-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/23\/bitcoin-price-recovery-remains-capped-why-100-sma-is-the-key\/","title":{"rendered":"Bitcoin Price Recovery Remains Capped, Why 100 SMA Is The Key"},"content":{"rendered":"

Bitcoin price started an upside correction from $15,500. BTC is now facing a strong resistance near the $16,300 zone and the 100 hourly SMA.<\/em><\/p>\n

Bitcoin found support near $15,500 and started an upside correction.
\nThe price is trading below $16,300 and the 100 hourly simple moving average.
\nThere is a crucial bearish trend line forming with resistance near $16,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it clears the $16,300 level and the 100 hourly SMA.<\/p>\n

Bitcoin Price Eyes Recovery<\/h2>\n

Bitcoin price extended its decline<\/a> below the $16,000 support level. BTC even spiked below the $15,800 support level, but the bulls were active near the $15,500 level.<\/p>\n

A low was formed near $15,470 and the price started an upside correction. There was a move above the $15,800 and $16,000 resistance levels. The bulls were able to push the price above the 50% Fib retracement level of the key decline from the $16,795 swing high to $15,470 low.<\/p>\n

Bitcoin price is now trading below $16,300 and the 100 hourly simple moving average<\/a>. There is also a crucial bearish trend line forming with resistance near $16,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance is near the $16,200 level. The first major resistance is near the $16,300 zone and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the key decline from the $16,795 swing high to $15,470 low.<\/p>\n

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

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

The price must clear the trend line resistance and then $16,300 to start a decent recovery wave. The next major resistance is near $16,500, above which the price could gain pace for a move towards the $17,000 zone.<\/p>\n

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

If bitcoin fails to recover above the $16,300 resistance zone, it could start another decline. An immediate support on the downside is near the $15,900 level.<\/p>\n

The next major support is near the $15,550 zone, below which the price might even struggle to stay above $15,500. A clear move below the $15,500 support might send the price towards the $14,000 support zone.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $15,900, followed by $15,500.<\/p>\n

Major Resistance Levels \u2013 $16,200, $16,300 and $17,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started an upside correction from $15,500. BTC is now facing a strong resistance near the $16,300 zone and the 100 hourly SMA.<\/em><\/p>\n

Bitcoin found support near $15,500 and started an upside correction.
\nThe price is trading below $16,300 and the 100 hourly simple moving average.
\nThere is a crucial bearish trend line forming with resistance near $16,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it clears the $16,300 level and the 100 hourly SMA.<\/p>\n

Bitcoin Price Eyes Recovery<\/h2>\n

Bitcoin price extended its decline<\/a> below the $16,000 support level. BTC even spiked below the $15,800 support level, but the bulls were active near the $15,500 level.<\/p>\n

A low was formed near $15,470 and the price started an upside correction. There was a move above the $15,800 and $16,000 resistance levels. The bulls were able to push the price above the 50% Fib retracement level of the key decline from the $16,795 swing high to $15,470 low.<\/p>\n

Bitcoin price is now trading below $16,300 and the 100 hourly simple moving average<\/a>. There is also a crucial bearish trend line forming with resistance near $16,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance is near the $16,200 level. The first major resistance is near the $16,300 zone and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the key decline from the $16,795 swing high to $15,470 low.<\/p>\n

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

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

The price must clear the trend line resistance and then $16,300 to start a decent recovery wave. The next major resistance is near $16,500, above which the price could gain pace for a move towards the $17,000 zone.<\/p>\n

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

If bitcoin fails to recover above the $16,300 resistance zone, it could start another decline. An immediate support on the downside is near the $15,900 level.<\/p>\n

The next major support is near the $15,550 zone, below which the price might even struggle to stay above $15,500. A clear move below the $15,500 support might send the price towards the $14,000 support zone.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $15,900, followed by $15,500.<\/p>\n

Major Resistance Levels \u2013 $16,200, $16,300 and $17,000.<\/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-12557","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\/12557","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=12557"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12557\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12557"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}