{"id":13390,"date":"2022-12-06T03:52:49","date_gmt":"2022-12-06T07:52:49","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13390"},"modified":"2022-12-06T03:52:49","modified_gmt":"2022-12-06T07:52:49","slug":"bitcoin-price-lacking-momentum-above-17k-btc-holders-are-safe-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/06\/bitcoin-price-lacking-momentum-above-17k-btc-holders-are-safe-heres-why\/","title":{"rendered":"Bitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here\u2019s Why"},"content":{"rendered":"

Bitcoin price extended its increase and tested the $17,500 resistance. BTC corrected gains, but it remains well supported above the $16,800 support.<\/em><\/p>\n

Bitcoin extended its upward move above $17,100 and $17,300 resistance levels.
\nThe price is trading near $17,000 and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $17,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must stay above the $16,800 support to start a fresh increase.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price settled above the $17,000 resistance zone<\/a> and extended its increase. BTC was able to clear the $17,100 and $17,200 resistance levels.<\/p>\n

The price even spiked above $17,400 and traded close to the $17,500 resistance zone. However, the bears were active near the $17,500 resistance zone. A high was formed near $17,440 and the price started a downside correction.<\/p>\n

Bitcoin price declined below the $17,200 level and the 100 hourly simple moving average<\/a>. There was a break below a key bullish trend line with support near $17,050 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price traded as low as $16,888 and is currently rising. It is trading near $17,000 and the 100 hourly simple moving average. It is trading above the 23.6% Fib retracement level of the recent decline from the $17,440 swing high to $16,888 low.<\/p>\n

On the upside, an immediate resistance is near the $17,165 level. It is near the 50% Fib retracement level of the recent decline from the $17,440 swing high to $16,888 low. The first major resistance is near the $17,250 zone, above which the price may perhaps start another steady increase.<\/p>\n

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

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

In the stated case, the price could rise towards the $17,500 resistance. The next major resistance is near $17,650, above which the price rise towards the $18,000 zone in the near term.<\/p>\n

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

If bitcoin fails to start a fresh increase above the $17,165 resistance, there could be more downsides. An immediate support on the downside is near the $16,850 level.<\/p>\n

The next major support is near the $16,800 zone. A downside break below the $16,800 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 just below the 50 level.<\/p>\n

Major Support Levels \u2013 $16,800, followed by $16,500.<\/p>\n

Major Resistance Levels \u2013 $17,165, $17,250 and $18,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its increase and tested the $17,500 resistance. BTC corrected gains, but it remains well supported above the $16,800 support.<\/em><\/p>\n

Bitcoin extended its upward move above $17,100 and $17,300 resistance levels.
\nThe price is trading near $17,000 and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $17,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must stay above the $16,800 support to start a fresh increase.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price settled above the $17,000 resistance zone<\/a> and extended its increase. BTC was able to clear the $17,100 and $17,200 resistance levels.<\/p>\n

The price even spiked above $17,400 and traded close to the $17,500 resistance zone. However, the bears were active near the $17,500 resistance zone. A high was formed near $17,440 and the price started a downside correction.<\/p>\n

Bitcoin price declined below the $17,200 level and the 100 hourly simple moving average<\/a>. There was a break below a key bullish trend line with support near $17,050 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price traded as low as $16,888 and is currently rising. It is trading near $17,000 and the 100 hourly simple moving average. It is trading above the 23.6% Fib retracement level of the recent decline from the $17,440 swing high to $16,888 low.<\/p>\n

On the upside, an immediate resistance is near the $17,165 level. It is near the 50% Fib retracement level of the recent decline from the $17,440 swing high to $16,888 low. The first major resistance is near the $17,250 zone, above which the price may perhaps start another steady increase.<\/p>\n

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

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

In the stated case, the price could rise towards the $17,500 resistance. The next major resistance is near $17,650, above which the price rise towards the $18,000 zone in the near term.<\/p>\n

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

If bitcoin fails to start a fresh increase above the $17,165 resistance, there could be more downsides. An immediate support on the downside is near the $16,850 level.<\/p>\n

The next major support is near the $16,800 zone. A downside break below the $16,800 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 just below the 50 level.<\/p>\n

Major Support Levels \u2013 $16,800, followed by $16,500.<\/p>\n

Major Resistance Levels \u2013 $17,165, $17,250 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-13390","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\/13390","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=13390"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13390\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13390"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}