{"id":13096,"date":"2022-12-01T04:04:39","date_gmt":"2022-12-01T08:04:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13096"},"modified":"2022-12-01T04:04:39","modified_gmt":"2022-12-01T08:04:39","slug":"bitcoin-price-clears-17k-why-dips-turn-attractive-in-short-term","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/01\/bitcoin-price-clears-17k-why-dips-turn-attractive-in-short-term\/","title":{"rendered":"Bitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term"},"content":{"rendered":"

Bitcoin price was able to clear the $17,000 resistance. BTC is consolidating gains and might remain supported above the $16,750 level.<\/em><\/p>\n

Bitcoin gained pace and cleared the $16,800 and $17,000 resistance levels.
\nThe price is trading above $16,800 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $16,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further if it stays above the $16,500 support zone.<\/p>\n

Bitcoin Price Extends Gains<\/h2>\n

Bitcoin price remained well bid<\/a> above the $16,500 support zone. BTC gained pace and was able to clear the $16,800 resistance zone plus the 100 hourly simple moving average.<\/p>\n

The upward move was such that the price even surpassed the $17,000 resistance zone. It traded as high as $17,250 before the bulls faced sellers. It is now consolidating gains above the $17,000 level. The price is trading near the 23.6% Fib retracement level of the upward move from the $16,690 swing low to $17,250 high.<\/p>\n

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average<\/a>. There is also a key bullish trend line forming with support near $16,950 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance is near the $17,950 level. The first major resistance is near the $17,500 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $18,000 resistance.<\/p>\n

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

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

The next major resistance is near $18,800, above which the price could gain pace for a move towards the $19,500 zone in the near term.<\/p>\n

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

If bitcoin fails to climb above the $17,250 resistance, there could be a downside correction. An immediate support on the downside is near the $17,000 level. The next major support is near the $16,950 zone and the trend line.<\/p>\n

The trend line is close to the 50% Fib retracement level of the upward move from the $16,690 swing low to $17,250 high. A downside break below the trend line might call for a move towards $16,800. Any more losses might call for a test of the key $16,500 support zone in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $16,950, followed by $16,800.<\/p>\n

Major Resistance Levels \u2013 $17,250, $17,500 and $18,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price was able to clear the $17,000 resistance. BTC is consolidating gains and might remain supported above the $16,750 level.<\/em><\/p>\n

Bitcoin gained pace and cleared the $16,800 and $17,000 resistance levels.
\nThe price is trading above $16,800 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $16,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further if it stays above the $16,500 support zone.<\/p>\n

Bitcoin Price Extends Gains<\/h2>\n

Bitcoin price remained well bid<\/a> above the $16,500 support zone. BTC gained pace and was able to clear the $16,800 resistance zone plus the 100 hourly simple moving average.<\/p>\n

The upward move was such that the price even surpassed the $17,000 resistance zone. It traded as high as $17,250 before the bulls faced sellers. It is now consolidating gains above the $17,000 level. The price is trading near the 23.6% Fib retracement level of the upward move from the $16,690 swing low to $17,250 high.<\/p>\n

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average<\/a>. There is also a key bullish trend line forming with support near $16,950 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance is near the $17,950 level. The first major resistance is near the $17,500 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $18,000 resistance.<\/p>\n

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

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

The next major resistance is near $18,800, above which the price could gain pace for a move towards the $19,500 zone in the near term.<\/p>\n

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

If bitcoin fails to climb above the $17,250 resistance, there could be a downside correction. An immediate support on the downside is near the $17,000 level. The next major support is near the $16,950 zone and the trend line.<\/p>\n

The trend line is close to the 50% Fib retracement level of the upward move from the $16,690 swing low to $17,250 high. A downside break below the trend line might call for a move towards $16,800. Any more losses might call for a test of the key $16,500 support zone in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $16,950, followed by $16,800.<\/p>\n

Major Resistance Levels \u2013 $17,250, $17,500 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-13096","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\/13096","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=13096"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13096\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13096"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}