{"id":14375,"date":"2022-12-20T02:53:03","date_gmt":"2022-12-20T06:53:03","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14375"},"modified":"2022-12-20T02:53:03","modified_gmt":"2022-12-20T06:53:03","slug":"bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-17k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/20\/bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-17k\/","title":{"rendered":"Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K"},"content":{"rendered":"

Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels.<\/em><\/p>\n

Bitcoin extended its decline below the $17,000 and $16,500 support levels.
\nThe price is trading below $16,800 and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could resume its decline unless there is a clear move above $17,000 and the 100 hourly SMA.<\/p>\n

Bitcoin Price Signals Bearish Bias<\/h2>\n

Bitcoin price settled below the $17,200 support level to move into a bearish zone<\/a>. BTC gained pace below the $17,000 and $16,800 support levels. The price even declined below the $16,500 support and settled below the 100 hourly simple moving average.<\/p>\n

It tested the $16,200 zone. A low is formed near $16,260 and the price is now correcting losses. There was a minor increase above the $16,500 resistance zone. The price climbed above the 50% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low.<\/p>\n

Bitcoin price is now trading below $16,800 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,650 zone. There is also a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair.<\/p>\n

The trend line is near the 61.8% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low. The first major resistance is near the $16,800 zone and the 100 hourly simple moving average.<\/p>\n

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

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

A clear move above the $16,800 resistance might call for a move towards the $17,000 resistance. The next major resistance is near $17,240, above which the price might gain pace and rise towards the $18,000 level.<\/p>\n

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

If bitcoin fails to clear the $16,800 resistance, there could be more downsides. An immediate support on the downside is near the $16,400 level.<\/p>\n

The next major support is near the $16,250 zone. A downside break below the $16,250 support might call for a drop towards the $16,000 level. Any more losses might send the price towards $15,500.<\/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 $16,250, followed by $16,000.<\/p>\n

Major Resistance Levels \u2013 $16,650, $16,800 and $17,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels.<\/em><\/p>\n

Bitcoin extended its decline below the $17,000 and $16,500 support levels.
\nThe price is trading below $16,800 and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could resume its decline unless there is a clear move above $17,000 and the 100 hourly SMA.<\/p>\n

Bitcoin Price Signals Bearish Bias<\/h2>\n

Bitcoin price settled below the $17,200 support level to move into a bearish zone<\/a>. BTC gained pace below the $17,000 and $16,800 support levels. The price even declined below the $16,500 support and settled below the 100 hourly simple moving average.<\/p>\n

It tested the $16,200 zone. A low is formed near $16,260 and the price is now correcting losses. There was a minor increase above the $16,500 resistance zone. The price climbed above the 50% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low.<\/p>\n

Bitcoin price is now trading below $16,800 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,650 zone. There is also a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair.<\/p>\n

The trend line is near the 61.8% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low. The first major resistance is near the $16,800 zone and the 100 hourly simple moving average.<\/p>\n

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

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

A clear move above the $16,800 resistance might call for a move towards the $17,000 resistance. The next major resistance is near $17,240, above which the price might gain pace and rise towards the $18,000 level.<\/p>\n

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

If bitcoin fails to clear the $16,800 resistance, there could be more downsides. An immediate support on the downside is near the $16,400 level.<\/p>\n

The next major support is near the $16,250 zone. A downside break below the $16,250 support might call for a drop towards the $16,000 level. Any more losses might send the price towards $15,500.<\/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 $16,250, followed by $16,000.<\/p>\n

Major Resistance Levels \u2013 $16,650, $16,800 and $17,000.<\/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-14375","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\/14375","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=14375"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14375\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14375"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}