{"id":13566,"date":"2022-12-08T03:14:29","date_gmt":"2022-12-08T07:14:29","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13566"},"modified":"2022-12-08T03:14:29","modified_gmt":"2022-12-08T07:14:29","slug":"bitcoin-price-could-avoid-another-downtrend-if-it-closes-above-one-key-level","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/08\/bitcoin-price-could-avoid-another-downtrend-if-it-closes-above-one-key-level\/","title":{"rendered":"Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level"},"content":{"rendered":"

Bitcoin price extended its decline below the $17,000 level. BTC could avoid a major drop if it closes above the $17,000 resistance zone.<\/em><\/p>\n

Bitcoin remained in a bearish zone and traded below the $17,000 support.
\nThe price is trading below $17,000 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing a few bearish signs below the $17,000 pivot level.<\/p>\n

Bitcoin Price Is Showing Bearish Signs<\/h2>\n

Bitcoin price failed to stay in a positive zone above the $17,000 pivot level. BTC bears were active and there was a push below the $16,800 support zone<\/a>.<\/p>\n

The price tested the $16,700 level and settled below the 100 hourly simple moving average. A low is formed near $16,700 and the price is now consolidating losses. There was a minor increase above the $16,800 resistance level.<\/p>\n

Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low. It is now trading below $17,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance<\/a> is near the $16,920 level and the bearish trend line. It is near the 50% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low.<\/p>\n

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

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

The first major resistance is near the $17,000 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,200 resistance. The next major resistance is near $17,450, 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 $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,700 level.<\/p>\n

The next major support is near the $16,500 zone. A downside break below the $16,500 support might call a drop towards $16,000. Any more losses might push the price towards the $15,500 pivot 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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $16,700, followed by $16,500.<\/p>\n

Major Resistance Levels \u2013 $16,920, $17,000 and $17,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its decline below the $17,000 level. BTC could avoid a major drop if it closes above the $17,000 resistance zone.<\/em><\/p>\n

Bitcoin remained in a bearish zone and traded below the $17,000 support.
\nThe price is trading below $17,000 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is showing a few bearish signs below the $17,000 pivot level.<\/p>\n

Bitcoin Price Is Showing Bearish Signs<\/h2>\n

Bitcoin price failed to stay in a positive zone above the $17,000 pivot level. BTC bears were active and there was a push below the $16,800 support zone<\/a>.<\/p>\n

The price tested the $16,700 level and settled below the 100 hourly simple moving average. A low is formed near $16,700 and the price is now consolidating losses. There was a minor increase above the $16,800 resistance level.<\/p>\n

Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low. It is now trading below $17,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance<\/a> is near the $16,920 level and the bearish trend line. It is near the 50% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low.<\/p>\n

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

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

The first major resistance is near the $17,000 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,200 resistance. The next major resistance is near $17,450, 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 $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,700 level.<\/p>\n

The next major support is near the $16,500 zone. A downside break below the $16,500 support might call a drop towards $16,000. Any more losses might push the price towards the $15,500 pivot 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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $16,700, followed by $16,500.<\/p>\n

Major Resistance Levels \u2013 $16,920, $17,000 and $17,200.<\/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-13566","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\/13566","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=13566"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13566\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13566"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}