{"id":13487,"date":"2022-12-07T03:54:30","date_gmt":"2022-12-07T07:54:30","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13487"},"modified":"2022-12-07T03:54:30","modified_gmt":"2022-12-07T07:54:30","slug":"bitcoin-price-consolidates-near-17k-what-could-trigger-a-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/07\/bitcoin-price-consolidates-near-17k-what-could-trigger-a-fresh-increase\/","title":{"rendered":"Bitcoin Price Consolidates Near $17K: What Could Trigger A Fresh Increase"},"content":{"rendered":"

Bitcoin price started a downside correction from the $17,500 resistance. BTC is trading above the $16,800 support and might start a fresh increase.<\/em><\/p>\n

Bitcoin tested the $16,800 support zone and traded as low as $16,888.
\nThe price is trading near $17,000 and the 100 hourly simple moving average.
\nThere was a break above a key contracting triangle with resistance near $17,000 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 Holds Key Support<\/h2>\n

Bitcoin price attempted another increase above the $17,500 resistance zone<\/a>. However, BTC failed to gain strength above the $17,400 level. A high was formed near $17,440 before there was a downside correction.<\/p>\n

There was a move below the $17,200 support zone and the 100 hourly simple moving average. However, the bulls were active above the $16,800 support zone. A low was formed near $16,888 and the price is now consolidating losses.<\/p>\n

There was a minor increase above the $17,000 level. Bitcoin price is now trading near $17,000 and the 100 hourly simple moving average<\/a>. Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.<\/p>\n

There was also a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $17,170 level. It is near the 50% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.<\/p>\n

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

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

The first major resistance is near the $17,200 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,450 resistance. The next major resistance is near $17,500, 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 $17,170 resistance, there could be more downsides. An immediate support on the downside is near the $16,880 level.<\/p>\n

The next major support is near the $16,800 zone. A downside break below the $16,800 support might call a drop 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 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 $17,170, $17,200 and $17,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a downside correction from the $17,500 resistance. BTC is trading above the $16,800 support and might start a fresh increase.<\/em><\/p>\n

Bitcoin tested the $16,800 support zone and traded as low as $16,888.
\nThe price is trading near $17,000 and the 100 hourly simple moving average.
\nThere was a break above a key contracting triangle with resistance near $17,000 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 Holds Key Support<\/h2>\n

Bitcoin price attempted another increase above the $17,500 resistance zone<\/a>. However, BTC failed to gain strength above the $17,400 level. A high was formed near $17,440 before there was a downside correction.<\/p>\n

There was a move below the $17,200 support zone and the 100 hourly simple moving average. However, the bulls were active above the $16,800 support zone. A low was formed near $16,888 and the price is now consolidating losses.<\/p>\n

There was a minor increase above the $17,000 level. Bitcoin price is now trading near $17,000 and the 100 hourly simple moving average<\/a>. Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.<\/p>\n

There was also a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $17,170 level. It is near the 50% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.<\/p>\n

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

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

The first major resistance is near the $17,200 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,450 resistance. The next major resistance is near $17,500, 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 $17,170 resistance, there could be more downsides. An immediate support on the downside is near the $16,880 level.<\/p>\n

The next major support is near the $16,800 zone. A downside break below the $16,800 support might call a drop 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 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 $17,170, $17,200 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-13487","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\/13487","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=13487"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13487\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13487"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}