{"id":13182,"date":"2022-12-02T03:54:27","date_gmt":"2022-12-02T07:54:27","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13182"},"modified":"2022-12-02T03:54:27","modified_gmt":"2022-12-02T07:54:27","slug":"bitcoin-price-starts-technical-correction-heres-key-support-to-watch","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/02\/bitcoin-price-starts-technical-correction-heres-key-support-to-watch\/","title":{"rendered":"Bitcoin Price Starts Technical Correction, Here\u2019s Key Support To Watch"},"content":{"rendered":"

Bitcoin price traded above the $17,000 resistance. BTC is correcting gains and might decline towards the $16,650 support zone in the near term.<\/em><\/p>\n

Bitcoin gained pace and cleared the $17,000 and $17,200 resistance levels.
\nThe price is trading above $16,650 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower towards the $16,650 and $16,500 support levels.<\/p>\n

Bitcoin Price Faces Bears<\/h2>\n

Bitcoin price attempted a steady increase above the $17,000 resistance zone<\/a>. It even broke the $17,200 level and settled above the 100 hourly simple moving average.<\/p>\n

However, the bears were active above the $17,200 level. A high was formed near $17,319 before the price started a downside correction. There was a move below the $17,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading above $16,650 and the 100 hourly simple moving average<\/a>.<\/p>\n

On the upside, an immediate resistance is near the $17,000 level. The first major resistance is near the $17,250 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,800 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 attempt a move towards the $19,500 zone in the near term.<\/p>\n

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

If bitcoin fails to start a fresh increase above the $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,800 level. The next major support is near the $16,650 zone.<\/p>\n

The 50% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high is also near the $16,650 support. A downside break below the $16,650 support might call for a move towards $16,500. 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 losing 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 $16,800, followed by $16,650.<\/p>\n

Major Resistance Levels \u2013 $17,000, $17,250 and $17,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price traded above the $17,000 resistance. BTC is correcting gains and might decline towards the $16,650 support zone in the near term.<\/em><\/p>\n

Bitcoin gained pace and cleared the $17,000 and $17,200 resistance levels.
\nThe price is trading above $16,650 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower towards the $16,650 and $16,500 support levels.<\/p>\n

Bitcoin Price Faces Bears<\/h2>\n

Bitcoin price attempted a steady increase above the $17,000 resistance zone<\/a>. It even broke the $17,200 level and settled above the 100 hourly simple moving average.<\/p>\n

However, the bears were active above the $17,200 level. A high was formed near $17,319 before the price started a downside correction. There was a move below the $17,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading above $16,650 and the 100 hourly simple moving average<\/a>.<\/p>\n

On the upside, an immediate resistance is near the $17,000 level. The first major resistance is near the $17,250 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,800 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 attempt a move towards the $19,500 zone in the near term.<\/p>\n

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

If bitcoin fails to start a fresh increase above the $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,800 level. The next major support is near the $16,650 zone.<\/p>\n

The 50% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high is also near the $16,650 support. A downside break below the $16,650 support might call for a move towards $16,500. 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 losing 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 $16,800, followed by $16,650.<\/p>\n

Major Resistance Levels \u2013 $17,000, $17,250 and $17,800.<\/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-13182","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\/13182","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=13182"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13182\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13182"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}