{"id":12834,"date":"2022-11-28T03:54:14","date_gmt":"2022-11-28T07:54:14","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12834"},"modified":"2022-11-28T03:54:14","modified_gmt":"2022-11-28T07:54:14","slug":"bitcoin-price-prediction-this-scenario-will-trigger-a-fresh-drop","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/28\/bitcoin-price-prediction-this-scenario-will-trigger-a-fresh-drop\/","title":{"rendered":"Bitcoin Price Prediction: This Scenario Will Trigger A Fresh Drop"},"content":{"rendered":"

Bitcoin price struggled to clear the $16,800 resistance. BTC is moving lower and there is a risk of more losses below the $16,000 support zone.<\/em><\/p>\n

Bitcoin attempted an upside break above the $16,800 resistance, but failed.
\nThe price is trading below $16,500 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $16,550 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 Faces Rejection<\/h2>\n

Bitcoin price attempted an upside break<\/a> above the $16,800 resistance zone. BTC struggled to gain pace for a move above the $16,800 resistance and formed a double top pattern.<\/p>\n

There was a slow and steady decline from the $16,791 high. There was a move below the $16,500 and $16,400 levels. The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $15,470 swing low to $16,790 high.<\/p>\n

Bitcoin price is now trading below $16,500 and the 100 hourly simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $16,550 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is now consolidating near the 50% Fib retracement level of the upward move from the $15,470 swing low to $16,790 high. On the upside, an immediate resistance is near the $16,300 level.<\/p>\n

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

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

The first major resistance is near the $16,500 zone, the 100 hourly simple moving average, and the highlighted bearish trend line. A successful move above the $16,500 resistance might send the price further higher. The next major resistance is near $16,800, above which the price could gain pace for a move towards the $17,500 zone.<\/p>\n

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

If bitcoin fails to climb above the $16,500 resistance, it could continue to move down. An immediate support on the downside is near the $16,100 level.<\/p>\n

The next major support is near the $16,000 zone, 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 $16,100, followed by $16,000.<\/p>\n

Major Resistance Levels \u2013 $16,500<\/em>, $16,800 and $17,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price struggled to clear the $16,800 resistance. BTC is moving lower and there is a risk of more losses below the $16,000 support zone.<\/em><\/p>\n

Bitcoin attempted an upside break above the $16,800 resistance, but failed.
\nThe price is trading below $16,500 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $16,550 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 Faces Rejection<\/h2>\n

Bitcoin price attempted an upside break<\/a> above the $16,800 resistance zone. BTC struggled to gain pace for a move above the $16,800 resistance and formed a double top pattern.<\/p>\n

There was a slow and steady decline from the $16,791 high. There was a move below the $16,500 and $16,400 levels. The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $15,470 swing low to $16,790 high.<\/p>\n

Bitcoin price is now trading below $16,500 and the 100 hourly simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $16,550 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is now consolidating near the 50% Fib retracement level of the upward move from the $15,470 swing low to $16,790 high. On the upside, an immediate resistance is near the $16,300 level.<\/p>\n

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

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

The first major resistance is near the $16,500 zone, the 100 hourly simple moving average, and the highlighted bearish trend line. A successful move above the $16,500 resistance might send the price further higher. The next major resistance is near $16,800, above which the price could gain pace for a move towards the $17,500 zone.<\/p>\n

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

If bitcoin fails to climb above the $16,500 resistance, it could continue to move down. An immediate support on the downside is near the $16,100 level.<\/p>\n

The next major support is near the $16,000 zone, 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 $16,100, followed by $16,000.<\/p>\n

Major Resistance Levels \u2013 $16,500<\/em>, $16,800 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-12834","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\/12834","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=12834"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12834\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12834"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}