{"id":12919,"date":"2022-11-29T03:52:58","date_gmt":"2022-11-29T07:52:58","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12919"},"modified":"2022-11-29T03:52:58","modified_gmt":"2022-11-29T07:52:58","slug":"bitcoin-price-looks-ready-for-another-leg-higher-over-16-5k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/29\/bitcoin-price-looks-ready-for-another-leg-higher-over-16-5k\/","title":{"rendered":"Bitcoin Price Looks Ready For Another Leg Higher Over $16.5K"},"content":{"rendered":"

Bitcoin price extended its decline and tested the $16,000 support. BTC is forming a base and might soon rise above the $16,500 resistance zone.<\/em><\/p>\n

Bitcoin declined further and tested the $16,000 support zone.
\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 $16,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent increase if it clears the $16,500 resistance zone.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price started a downside correction from the $16,800 resistance zone<\/a>. BTC declined below the $16,500 support level and the 100 hourly simple moving average.<\/p>\n

The price even moved below the $16,200 level, but the bulls were active near the $16,000 support zone. A low was formed near $16,000 and the price is now consolidating losses. There was a minor increase above the $16,200 level.<\/p>\n

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

On the upside, an immediate resistance is near the $16,300 level. It is near the 50% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. The first major resistance is near the $16,500 zone, the trend line, and the 100 hourly simple moving average.<\/p>\n

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

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

The trend line is near the 76.4% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. A successful move above the $16,500 resistance might start a decent increase. 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 struggle to stay in a positive zone. An immediate support on the downside is near the $16,130 level.<\/p>\n

The next major support is near the $16,000 zone, below which the price decline further. 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 $16,130, 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 extended its decline and tested the $16,000 support. BTC is forming a base and might soon rise above the $16,500 resistance zone.<\/em><\/p>\n

Bitcoin declined further and tested the $16,000 support zone.
\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 $16,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent increase if it clears the $16,500 resistance zone.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price started a downside correction from the $16,800 resistance zone<\/a>. BTC declined below the $16,500 support level and the 100 hourly simple moving average.<\/p>\n

The price even moved below the $16,200 level, but the bulls were active near the $16,000 support zone. A low was formed near $16,000 and the price is now consolidating losses. There was a minor increase above the $16,200 level.<\/p>\n

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

On the upside, an immediate resistance is near the $16,300 level. It is near the 50% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. The first major resistance is near the $16,500 zone, the trend line, and the 100 hourly simple moving average.<\/p>\n

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

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

The trend line is near the 76.4% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. A successful move above the $16,500 resistance might start a decent increase. 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 struggle to stay in a positive zone. An immediate support on the downside is near the $16,130 level.<\/p>\n

The next major support is near the $16,000 zone, below which the price decline further. 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 $16,130, 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-12919","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\/12919","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=12919"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12919\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12919"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}