{"id":13909,"date":"2022-12-13T03:54:23","date_gmt":"2022-12-13T07:54:23","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13909"},"modified":"2022-12-13T03:54:23","modified_gmt":"2022-12-13T07:54:23","slug":"bitcoin-price-looks-ready-for-another-leg-higher-over-17-5k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/13\/bitcoin-price-looks-ready-for-another-leg-higher-over-17-5k\/","title":{"rendered":"Bitcoin Price Looks Ready For Another Leg Higher Over $17.5K"},"content":{"rendered":"

Bitcoin price remained well bid above the $16,920 support. BTC climbed higher and might soon aim an upside break above the $17,500 resistance zone.<\/em><\/p>\n

Bitcoin found a strong buying interest near the $16,920 and $16,900 levels.
\nThe price is trading above $17,000 and the 100 hourly simple moving average.
\nThere is a major contracting triangle forming with resistance near $17,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if it clears the $17,250 and $17,450 resistance levels.<\/p>\n

Bitcoin Price Eyes Upside Break<\/h2>\n

Bitcoin price corrected lower<\/a> from the $17,292 swing high. BTC declined below the $17,000 level and the 100 hourly simple moving average.<\/p>\n

However, the bulls were active near the $16,920 and $16,900 levels. A low was formed near $16,880 and the price started a fresh increase. There was a clear move above the $17,000 resistance zone and the 100 hourly simple moving average<\/a>.<\/p>\n

Bitcoin price is now consolidating gains near the $17,150 level. There was a minor decline below the 23.6% Fib retracement level of the recent increase from the $16,880 low to $17,247 high.<\/p>\n

On the upside, an immediate resistance is near the $17,150 level. There is also a major contracting triangle forming with resistance near $17,220 on the hourly chart of the BTC\/USD pair. The first major resistance is near the $17,300 zone, above which the price may perhaps revisit the $17,450 zone.<\/p>\n

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

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

The next major resistance is near $17,500, above which the price start a steady increase and rise towards the $18,000 zone in the near term.<\/p>\n

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

If bitcoin fails to clear the $17,150 resistance, there could be a fresh decline. An immediate support on the downside is near the $17,120 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $17,000 zone. It is near the 50% Fib retracement level of the recent increase from the $16,880 low to $17,247 high. A downside break below the $17,000 support might call a drop towards $16,880. Any more losses might push the price towards the $16,500 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 $17,000, followed by $16,880.<\/p>\n

Major Resistance Levels \u2013 $17,150, $17,300 and $17,450.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price remained well bid above the $16,920 support. BTC climbed higher and might soon aim an upside break above the $17,500 resistance zone.<\/em><\/p>\n

Bitcoin found a strong buying interest near the $16,920 and $16,900 levels.
\nThe price is trading above $17,000 and the 100 hourly simple moving average.
\nThere is a major contracting triangle forming with resistance near $17,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if it clears the $17,250 and $17,450 resistance levels.<\/p>\n

Bitcoin Price Eyes Upside Break<\/h2>\n

Bitcoin price corrected lower<\/a> from the $17,292 swing high. BTC declined below the $17,000 level and the 100 hourly simple moving average.<\/p>\n

However, the bulls were active near the $16,920 and $16,900 levels. A low was formed near $16,880 and the price started a fresh increase. There was a clear move above the $17,000 resistance zone and the 100 hourly simple moving average<\/a>.<\/p>\n

Bitcoin price is now consolidating gains near the $17,150 level. There was a minor decline below the 23.6% Fib retracement level of the recent increase from the $16,880 low to $17,247 high.<\/p>\n

On the upside, an immediate resistance is near the $17,150 level. There is also a major contracting triangle forming with resistance near $17,220 on the hourly chart of the BTC\/USD pair. The first major resistance is near the $17,300 zone, above which the price may perhaps revisit the $17,450 zone.<\/p>\n

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

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

The next major resistance is near $17,500, above which the price start a steady increase and rise towards the $18,000 zone in the near term.<\/p>\n

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

If bitcoin fails to clear the $17,150 resistance, there could be a fresh decline. An immediate support on the downside is near the $17,120 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $17,000 zone. It is near the 50% Fib retracement level of the recent increase from the $16,880 low to $17,247 high. A downside break below the $17,000 support might call a drop towards $16,880. Any more losses might push the price towards the $16,500 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 $17,000, followed by $16,880.<\/p>\n

Major Resistance Levels \u2013 $17,150, $17,300 and $17,450.<\/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-13909","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\/13909","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=13909"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13909\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13909"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}