{"id":14741,"date":"2022-12-26T03:54:07","date_gmt":"2022-12-26T07:54:07","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14741"},"modified":"2022-12-26T03:54:07","modified_gmt":"2022-12-26T07:54:07","slug":"bitcoin-price-close-above-17-5k-could-spark-larger-degree-recovery","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/26\/bitcoin-price-close-above-17-5k-could-spark-larger-degree-recovery\/","title":{"rendered":"Bitcoin Price Close Above $17.5K Could Spark Larger Degree Recovery"},"content":{"rendered":"

Bitcoin price is attempting an upside break above $17,000. BTC could start a steady recovery if it clears the $17,000 and $17,200 resistance levels.<\/em><\/p>\n

Bitcoin is attempting an upside break above the $17,000 and $17,200 levels.
\nThe price is trading above $16,800 and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $16,820 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a fresh increase if there is a clear move above the $17,200 resistance zone.<\/p>\n

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

Bitcoin price managed to stay above the $16,550 zone. A base was formed and the price started a fresh increase above the $16,700 resistance zone. BTC even climbed above the $16,800 resistance and the 100 hourly simple moving average<\/a>.<\/p>\n

There was a clear move above the 50% Fib retracement level of the downward move from the $17,067 swing high to $16,565 low. Besides, there was a break above a key bearish trend line with resistance near $16,820 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. It is also trading above the 61.8% Fib retracement level of the downward move from the $17,067 swing high to $16,565 low.<\/p>\n

On the upside, an immediate resistance is near the $17,000 zone<\/a>. The first major resistance is near the $17,200 zone. A clear move above the $17,200 resistance might start a steady recovery wave.<\/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 climb towards the $18,000 resistance zone. Any more gains might send the pair towards the $18,500 resistance zone.<\/p>\n

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

If bitcoin fails to clear the $17,200 resistance, there could be a fresh downward move. An immediate support on the downside is near the $16,800 level and the 100 hourly SMA<\/p>\n

The next major support is near the $16,680 level. A downside break below the $16,680 support might call for a move towards the $16,550 level. Any more losses might send the price towards $16,350.<\/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 $16,800, followed by $16,550.<\/p>\n

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

<\/p>\n

Bitcoin price is attempting an upside break above $17,000. BTC could start a steady recovery if it clears the $17,000 and $17,200 resistance levels.<\/em><\/p>\n

Bitcoin is attempting an upside break above the $17,000 and $17,200 levels.
\nThe price is trading above $16,800 and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $16,820 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could attempt a fresh increase if there is a clear move above the $17,200 resistance zone.<\/p>\n

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

Bitcoin price managed to stay above the $16,550 zone. A base was formed and the price started a fresh increase above the $16,700 resistance zone. BTC even climbed above the $16,800 resistance and the 100 hourly simple moving average<\/a>.<\/p>\n

There was a clear move above the 50% Fib retracement level of the downward move from the $17,067 swing high to $16,565 low. Besides, there was a break above a key bearish trend line with resistance near $16,820 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. It is also trading above the 61.8% Fib retracement level of the downward move from the $17,067 swing high to $16,565 low.<\/p>\n

On the upside, an immediate resistance is near the $17,000 zone<\/a>. The first major resistance is near the $17,200 zone. A clear move above the $17,200 resistance might start a steady recovery wave.<\/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 climb towards the $18,000 resistance zone. Any more gains might send the pair towards the $18,500 resistance zone.<\/p>\n

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

If bitcoin fails to clear the $17,200 resistance, there could be a fresh downward move. An immediate support on the downside is near the $16,800 level and the 100 hourly SMA<\/p>\n

The next major support is near the $16,680 level. A downside break below the $16,680 support might call for a move towards the $16,550 level. Any more losses might send the price towards $16,350.<\/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 $16,800, followed by $16,550.<\/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-14741","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\/14741","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=14741"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14741\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14741"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}