{"id":14197,"date":"2022-12-16T10:56:34","date_gmt":"2022-12-16T14:56:34","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14197"},"modified":"2022-12-16T10:56:34","modified_gmt":"2022-12-16T14:56:34","slug":"bitcoin-price-prediction-why-btc-could-still-tumble-below-16k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/16\/bitcoin-price-prediction-why-btc-could-still-tumble-below-16k\/","title":{"rendered":"Bitcoin Price Prediction: Why BTC Could Still Tumble Below $16K"},"content":{"rendered":"

Bitcoin price failed to clear $18,000 and corrected lower. BTC is signaling bearish signs and might even start a fresh decline in the coming sessions.<\/em><\/p>\n

Bitcoin started a downward move and traded below the $17,600 support.
\nThe price is trading below $17,500 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $17,620 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move lower unless it reclaims the 100 hourly SMA.<\/p>\n

Bitcoin Price Restarts Decline<\/h2>\n

Bitcoin price attempted an upside break<\/a> above the $18,400 zone resistance zone. BTC failed to stay above the $18,000 pivot level and reacted the downside.<\/p>\n

A high was formed near $18,387 before the price started a fresh decline. There was a clear move below the $18,200 and $18,000 levels. The price declined below the 50% Fib retracement level of the key wave from the $16,881 low to $18,387 high.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $17,620 on the hourly chart of the BTC\/USD pair. Bitcoin price is now below $17,500 and the 100 hourly simple moving average<\/a>.<\/p>\n

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

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

On the upside, an immediate resistance is near the $17,500 level and the 100 hourly simple moving average. The first major resistance is near the $17,650 zone, above which the price may perhaps revisit the $18,000 zone. The next major resistance is near $18,380, above which the price might gain pace and rise towards the $19,000 level.<\/p>\n

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

If bitcoin fails to clear the $17,650 resistance, there could be more downsides. An immediate support on the downside is near the $17,240 level. It is near the 76.4% Fib retracement level of the key wave from the $16,881 low to $18,387 high.<\/p>\n

The next major support is near the $17,000 zone. A downside break below the $17,000 support might call more losses. In the stated case, the price could decline towards the $16,500 support in the near term. Any more losses might stage a larger decline below the $16,000 level in the coming days.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $17,250, followed by $17,000.<\/p>\n

Major Resistance Levels \u2013 $17,650, $18,000 and $18,380.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to clear $18,000 and corrected lower. BTC is signaling bearish signs and might even start a fresh decline in the coming sessions.<\/em><\/p>\n

Bitcoin started a downward move and traded below the $17,600 support.
\nThe price is trading below $17,500 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $17,620 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move lower unless it reclaims the 100 hourly SMA.<\/p>\n

Bitcoin Price Restarts Decline<\/h2>\n

Bitcoin price attempted an upside break<\/a> above the $18,400 zone resistance zone. BTC failed to stay above the $18,000 pivot level and reacted the downside.<\/p>\n

A high was formed near $18,387 before the price started a fresh decline. There was a clear move below the $18,200 and $18,000 levels. The price declined below the 50% Fib retracement level of the key wave from the $16,881 low to $18,387 high.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $17,620 on the hourly chart of the BTC\/USD pair. Bitcoin price is now below $17,500 and the 100 hourly simple moving average<\/a>.<\/p>\n

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

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

On the upside, an immediate resistance is near the $17,500 level and the 100 hourly simple moving average. The first major resistance is near the $17,650 zone, above which the price may perhaps revisit the $18,000 zone. The next major resistance is near $18,380, above which the price might gain pace and rise towards the $19,000 level.<\/p>\n

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

If bitcoin fails to clear the $17,650 resistance, there could be more downsides. An immediate support on the downside is near the $17,240 level. It is near the 76.4% Fib retracement level of the key wave from the $16,881 low to $18,387 high.<\/p>\n

The next major support is near the $17,000 zone. A downside break below the $17,000 support might call more losses. In the stated case, the price could decline towards the $16,500 support in the near term. Any more losses might stage a larger decline below the $16,000 level in the coming days.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $17,250, followed by $17,000.<\/p>\n

Major Resistance Levels \u2013 $17,650, $18,000 and $18,380.<\/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-14197","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\/14197","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=14197"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14197\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14197"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}