{"id":14002,"date":"2022-12-14T02:56:47","date_gmt":"2022-12-14T06:56:47","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14002"},"modified":"2022-12-14T02:56:47","modified_gmt":"2022-12-14T06:56:47","slug":"bitcoin-price-hints-at-potential-reversal-buy-the-dip","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/14\/bitcoin-price-hints-at-potential-reversal-buy-the-dip\/","title":{"rendered":"Bitcoin Price Hints At Potential Reversal, Buy The Dip?"},"content":{"rendered":"

Bitcoin price gained pace above the $17,500 resistance after the US CPI release. BTC tested the $18,000 resistance and might correct lower in the short-term.<\/em><\/p>\n

Bitcoin was able to clear the $17,450 and $17,500 resistance levels.
\nThe price is trading above $17,500 and the 100 hourly simple moving average.
\nThere was a break above a key contracting triangle with resistance near $17,240 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower, but dips might be limited below the $17,500 support zone.<\/p>\n

Bitcoin Price Rallies 5%<\/h2>\n

Bitcoin price remained strong<\/a> above the $16,800 support zone. BTC formed a base and started a fresh increase above the $17,000 resistance zone and the 100 hourly simple moving average.<\/p>\n

The price gained bullish momentum after the US CPI release (+7.1%) and rallied above the $17,500 resistance zone<\/a>. There was a break above a key contracting triangle with resistance near $17,240 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $17,500 and the 100 hourly simple moving average. A high was formed near $18,070 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the recent rally from the $17,090 low to $18,070 high.<\/p>\n

However, the bulls were active above the $17,500 support zone. It remained stable above the 50% Fib retracement level of the recent rally from the $17,090 low to $18,070 high.<\/p>\n

On the upside, an immediate resistance is near the $17,850 level. The first major resistance is near the $18,000 zone, above which the price may perhaps rise towards the $18,250 zone.<\/p>\n

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

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

The next major resistance is near $18,500, above which the price start a steady increase and rise towards the $19,200 zone in the near term.<\/p>\n

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

If bitcoin fails to clear the $17,850 resistance, there could be a downside correction. An immediate support on the downside is near the $17,580 level.<\/p>\n

The next major support is near the $17,500 zone. A downside break below the $17,500 support might call a drop towards $17,200 or the 100 hourly simple moving average. Any more losses might push the price towards the $17,000 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 $17,500, followed by $17,200.<\/p>\n

Major Resistance Levels \u2013 $17,850, $18,000 and $18,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price gained pace above the $17,500 resistance after the US CPI release. BTC tested the $18,000 resistance and might correct lower in the short-term.<\/em><\/p>\n

Bitcoin was able to clear the $17,450 and $17,500 resistance levels.
\nThe price is trading above $17,500 and the 100 hourly simple moving average.
\nThere was a break above a key contracting triangle with resistance near $17,240 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower, but dips might be limited below the $17,500 support zone.<\/p>\n

Bitcoin Price Rallies 5%<\/h2>\n

Bitcoin price remained strong<\/a> above the $16,800 support zone. BTC formed a base and started a fresh increase above the $17,000 resistance zone and the 100 hourly simple moving average.<\/p>\n

The price gained bullish momentum after the US CPI release (+7.1%) and rallied above the $17,500 resistance zone<\/a>. There was a break above a key contracting triangle with resistance near $17,240 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $17,500 and the 100 hourly simple moving average. A high was formed near $18,070 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the recent rally from the $17,090 low to $18,070 high.<\/p>\n

However, the bulls were active above the $17,500 support zone. It remained stable above the 50% Fib retracement level of the recent rally from the $17,090 low to $18,070 high.<\/p>\n

On the upside, an immediate resistance is near the $17,850 level. The first major resistance is near the $18,000 zone, above which the price may perhaps rise towards the $18,250 zone.<\/p>\n

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

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

The next major resistance is near $18,500, above which the price start a steady increase and rise towards the $19,200 zone in the near term.<\/p>\n

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

If bitcoin fails to clear the $17,850 resistance, there could be a downside correction. An immediate support on the downside is near the $17,580 level.<\/p>\n

The next major support is near the $17,500 zone. A downside break below the $17,500 support might call a drop towards $17,200 or the 100 hourly simple moving average. Any more losses might push the price towards the $17,000 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 $17,500, followed by $17,200.<\/p>\n

Major Resistance Levels \u2013 $17,850, $18,000 and $18,500.<\/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-14002","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\/14002","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=14002"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14002\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14002"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}