{"id":12635,"date":"2022-11-24T04:02:57","date_gmt":"2022-11-24T08:02:57","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12635"},"modified":"2022-11-24T04:02:57","modified_gmt":"2022-11-24T08:02:57","slug":"bitcoin-price-prediction-recovery-just-getting-started-or-its-bull-trap","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/24\/bitcoin-price-prediction-recovery-just-getting-started-or-its-bull-trap\/","title":{"rendered":"Bitcoin Price Prediction: Recovery Just Getting Started or It\u2019s Bull Trap?"},"content":{"rendered":"

Bitcoin price gained pace and was able to clear $16,500. BTC must settle above $17,000 to start a real recovery in the near term.<\/em><\/p>\n

Bitcoin started an upside correction and climbed above the $16,500 resistance.
\nThe price is trading above $16,400 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it settles above the $17,000 resistance zone.<\/p>\n

Bitcoin Price Recovers<\/h2>\n

Bitcoin price formed a decent support base<\/a> above the $15,500 support zone. BTC remained well bid and started an upside correction above the $16,000 resistance.<\/p>\n

There was a clear move above the 50% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low. Besides, there was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $16,400 and the 100 hourly simple moving average<\/a>. It is also well above the 76.4% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low.<\/p>\n

On the upside, an immediate resistance is near the $16,800 level. The first major resistance is near the $17,000 zone. A successful daily close above the $17,000 resistance might start a real 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

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

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

An intermediate resistance could be $17,650. It is near the 1.618 Fib extension level of the main drop from the $16,795 swing high to $15,470 low.<\/p>\n

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

If bitcoin fails to settle above the $17,000 resistance zone, it could start another decline. An immediate support on the downside is near the $16,500 level and a connecting bullish trend line on the same chart.<\/p>\n

The next major support is near the $16,250 zone and the 100 hourly simple moving average, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 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 $16,500, followed by $16,250.<\/p>\n

Major Resistance Levels \u2013 $16,800, $17,000 and $18,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price gained pace and was able to clear $16,500. BTC must settle above $17,000 to start a real recovery in the near term.<\/em><\/p>\n

Bitcoin started an upside correction and climbed above the $16,500 resistance.
\nThe price is trading above $16,400 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it settles above the $17,000 resistance zone.<\/p>\n

Bitcoin Price Recovers<\/h2>\n

Bitcoin price formed a decent support base<\/a> above the $15,500 support zone. BTC remained well bid and started an upside correction above the $16,000 resistance.<\/p>\n

There was a clear move above the 50% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low. Besides, there was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $16,400 and the 100 hourly simple moving average<\/a>. It is also well above the 76.4% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low.<\/p>\n

On the upside, an immediate resistance is near the $16,800 level. The first major resistance is near the $17,000 zone. A successful daily close above the $17,000 resistance might start a real 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

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

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

An intermediate resistance could be $17,650. It is near the 1.618 Fib extension level of the main drop from the $16,795 swing high to $15,470 low.<\/p>\n

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

If bitcoin fails to settle above the $17,000 resistance zone, it could start another decline. An immediate support on the downside is near the $16,500 level and a connecting bullish trend line on the same chart.<\/p>\n

The next major support is near the $16,250 zone and the 100 hourly simple moving average, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 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 $16,500, followed by $16,250.<\/p>\n

Major Resistance Levels \u2013 $16,800, $17,000 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-12635","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\/12635","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=12635"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12635\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12635"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}