{"id":14543,"date":"2022-12-22T03:52:42","date_gmt":"2022-12-22T07:52:42","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14543"},"modified":"2022-12-22T03:52:42","modified_gmt":"2022-12-22T07:52:42","slug":"bitcoin-price-recovery-could-soon-fade-if-btc-fails-to-surpass-17-2k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/22\/bitcoin-price-recovery-could-soon-fade-if-btc-fails-to-surpass-17-2k\/","title":{"rendered":"Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $17.2K"},"content":{"rendered":"

Bitcoin price is still struggling below $17,000. BTC remains at a risk of a fresh decline unless there is a clear move above the $17,200 resistance zone.<\/em><\/p>\n

Bitcoin is facing a strong resistance near $17,000 and $17,200.
\nThe price is trading above $16,800 and the 100 hourly simple moving average.
\nThere is a new declining channel forming with resistance near $16,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a recovery wave if there is a clear move above the $17,200 resistance zone.<\/p>\n

Bitcoin Price Struggle Continues<\/h2>\n

Bitcoin price started an upside correction<\/a> from the $16,250 zone. BTC managed to recover a few points and was able to settle above the $16,600 level.<\/p>\n

There was a clear move above the $16,800 resistance and the 100 hourly simple moving average. The price even attempted an increase above the $17,000 resistance, but the bears were active. A high was formed near $17,067 and the price is consolidating in a range.<\/p>\n

There was a minor decline below the 23.6% Fib retracement level of the upward wave from the $16,261 swing low to $17,067 high. Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average.<\/p>\n

On the upside, an immediate resistance is near the $16,900 zone. There is also a new declining channel forming with resistance near $16,900 on the hourly chart of the BTC\/USD pair. The first major resistance<\/a> is near the $17,000 zone.<\/p>\n

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

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

The main hurdle seems to be forming near the $17,200 and $17,250 levels. A clear move above the $17,250 resistance might call for a move towards the $17,500 resistance. The next major resistance is near $18,000, above which the price climb towards the $18,450 resistance zone.<\/p>\n

Fresh Drop in BTC?<\/h2>\n

If bitcoin fails to clear the $17,200 resistance, there could be a fresh drop. An immediate support on the downside is near the $16,700 level and the channel trend line.<\/p>\n

The next major support is near the $16,625 level or the 50% Fib retracement level of the upward wave from the $16,261 swing low to $17,067 high. A downside break below the $16,625 support might call for a move towards the $16,370 level. Any more losses might send the price towards $16,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $16,700, followed by $16,370.<\/p>\n

Major Resistance Levels \u2013 $17,000, $17,200 and $17,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still struggling below $17,000. BTC remains at a risk of a fresh decline unless there is a clear move above the $17,200 resistance zone.<\/em><\/p>\n

Bitcoin is facing a strong resistance near $17,000 and $17,200.
\nThe price is trading above $16,800 and the 100 hourly simple moving average.
\nThere is a new declining channel forming with resistance near $16,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a recovery wave if there is a clear move above the $17,200 resistance zone.<\/p>\n

Bitcoin Price Struggle Continues<\/h2>\n

Bitcoin price started an upside correction<\/a> from the $16,250 zone. BTC managed to recover a few points and was able to settle above the $16,600 level.<\/p>\n

There was a clear move above the $16,800 resistance and the 100 hourly simple moving average. The price even attempted an increase above the $17,000 resistance, but the bears were active. A high was formed near $17,067 and the price is consolidating in a range.<\/p>\n

There was a minor decline below the 23.6% Fib retracement level of the upward wave from the $16,261 swing low to $17,067 high. Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average.<\/p>\n

On the upside, an immediate resistance is near the $16,900 zone. There is also a new declining channel forming with resistance near $16,900 on the hourly chart of the BTC\/USD pair. The first major resistance<\/a> is near the $17,000 zone.<\/p>\n

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

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

The main hurdle seems to be forming near the $17,200 and $17,250 levels. A clear move above the $17,250 resistance might call for a move towards the $17,500 resistance. The next major resistance is near $18,000, above which the price climb towards the $18,450 resistance zone.<\/p>\n

Fresh Drop in BTC?<\/h2>\n

If bitcoin fails to clear the $17,200 resistance, there could be a fresh drop. An immediate support on the downside is near the $16,700 level and the channel trend line.<\/p>\n

The next major support is near the $16,625 level or the 50% Fib retracement level of the upward wave from the $16,261 swing low to $17,067 high. A downside break below the $16,625 support might call for a move towards the $16,370 level. Any more losses might send the price towards $16,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $16,700, followed by $16,370.<\/p>\n

Major Resistance Levels \u2013 $17,000, $17,200 and $17,500.<\/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-14543","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\/14543","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=14543"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14543\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14543"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}