{"id":12719,"date":"2022-11-25T03:52:51","date_gmt":"2022-11-25T07:52:51","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12719"},"modified":"2022-11-25T03:52:51","modified_gmt":"2022-11-25T07:52:51","slug":"bitcoin-price-faces-rejection-why-btc-could-resume-its-downtrend","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/25\/bitcoin-price-faces-rejection-why-btc-could-resume-its-downtrend\/","title":{"rendered":"Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend"},"content":{"rendered":"

Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support.<\/em><\/p>\n

Bitcoin attempted an upside break above the $17,000 resistance, but failed.
\nThe price is trading above $16,300 and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to decline if it breaks the $16,000 support zone.<\/p>\n

Bitcoin Price Struggle Continues<\/h2>\n

Bitcoin price attempted a recovery wave from the $15,500 support zone<\/a>. BTC climbed above the $16,000 and $16,500 resistance levels.<\/p>\n

It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern.<\/p>\n

Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair.<\/p>\n

It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,600 level.<\/p>\n

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

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

The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone.<\/p>\n

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

If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, 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 bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $16,280, followed by $16,130.<\/p>\n

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

<\/p>\n

Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support.<\/em><\/p>\n

Bitcoin attempted an upside break above the $17,000 resistance, but failed.
\nThe price is trading above $16,300 and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to decline if it breaks the $16,000 support zone.<\/p>\n

Bitcoin Price Struggle Continues<\/h2>\n

Bitcoin price attempted a recovery wave from the $15,500 support zone<\/a>. BTC climbed above the $16,000 and $16,500 resistance levels.<\/p>\n

It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern.<\/p>\n

Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair.<\/p>\n

It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,600 level.<\/p>\n

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

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

The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone.<\/p>\n

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

If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, 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 bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $16,280, followed by $16,130.<\/p>\n

Major Resistance Levels \u2013 $16,800<\/em>, $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-12719","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\/12719","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=12719"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12719\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12719"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}