{"id":13004,"date":"2022-11-30T03:27:55","date_gmt":"2022-11-30T07:27:55","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13004"},"modified":"2022-11-30T03:27:55","modified_gmt":"2022-11-30T07:27:55","slug":"bitcoin-price-regains-traction-btc-seems-primed-for-more-upsides","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/30\/bitcoin-price-regains-traction-btc-seems-primed-for-more-upsides\/","title":{"rendered":"Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides"},"content":{"rendered":"

Bitcoin price gained bullish momentum above the $16,500 resistance. BTC could rise further if there is a close above the $17,000 resistance.<\/em><\/p>\n

Bitcoin started a decent increase above the $16,500 and $16,650 resistance levels.
\nThe price is trading above $16,500 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $16,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further if there is a close above the $17,000 resistance.<\/p>\n

Bitcoin Price Gains Bullish Momentum<\/h2>\n

Bitcoin price formed a base<\/a> above the $16,200 support zone. BTC started a steady increase and was able to clear the $16,500 resistance zone and the 100 hourly simple moving average.<\/p>\n

During the increase, there was a break above a major bearish trend line with resistance near $16,450 on the hourly chart of the BTC\/USD pair. The pair even surpassed the 76.4% Fib retracement level of the downward move from the $16,589 swing high to $16,000 low.<\/p>\n

Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average<\/a>. It is testing the 1.618 Fib extension level of the downward move from the $16,589 swing high to $16,000 low.<\/p>\n

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

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

On the upside, an immediate resistance is near the $16,950 level. The first major resistance is near the $17,000 zone, above which the price may perhaps accelerate higher. In the stated case, the price could test the $17,500 resistance. The next major resistance is near $18,000, above which the price could gain pace for a move towards the $18,800 zone.<\/p>\n

Dips Supported in BTC?<\/h2>\n

If bitcoin fails to climb above the $17,000 resistance, there could be a downside correction. An immediate support on the downside is near the $16,800 level.<\/p>\n

The next major support is near the $16,500 zone or the 100 hourly SMA, below which the price decline further. In the stated case, the price might drop towards the $16,200 support zone. Any more losses might call for a test of the key $16,000 support zone in the near term.<\/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 $16,800, followed by $16,500.<\/p>\n

Major Resistance Levels \u2013 $16,950<\/em>, $17,000 and $17,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price gained bullish momentum above the $16,500 resistance. BTC could rise further if there is a close above the $17,000 resistance.<\/em><\/p>\n

Bitcoin started a decent increase above the $16,500 and $16,650 resistance levels.
\nThe price is trading above $16,500 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $16,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further if there is a close above the $17,000 resistance.<\/p>\n

Bitcoin Price Gains Bullish Momentum<\/h2>\n

Bitcoin price formed a base<\/a> above the $16,200 support zone. BTC started a steady increase and was able to clear the $16,500 resistance zone and the 100 hourly simple moving average.<\/p>\n

During the increase, there was a break above a major bearish trend line with resistance near $16,450 on the hourly chart of the BTC\/USD pair. The pair even surpassed the 76.4% Fib retracement level of the downward move from the $16,589 swing high to $16,000 low.<\/p>\n

Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average<\/a>. It is testing the 1.618 Fib extension level of the downward move from the $16,589 swing high to $16,000 low.<\/p>\n

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

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

On the upside, an immediate resistance is near the $16,950 level. The first major resistance is near the $17,000 zone, above which the price may perhaps accelerate higher. In the stated case, the price could test the $17,500 resistance. The next major resistance is near $18,000, above which the price could gain pace for a move towards the $18,800 zone.<\/p>\n

Dips Supported in BTC?<\/h2>\n

If bitcoin fails to climb above the $17,000 resistance, there could be a downside correction. An immediate support on the downside is near the $16,800 level.<\/p>\n

The next major support is near the $16,500 zone or the 100 hourly SMA, below which the price decline further. In the stated case, the price might drop towards the $16,200 support zone. Any more losses might call for a test of the key $16,000 support zone in the near term.<\/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 $16,800, followed by $16,500.<\/p>\n

Major Resistance Levels \u2013 $16,950<\/em>, $17,000 and $17,500.<\/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-13004","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\/13004","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=13004"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13004\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13004"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}