{"id":14956,"date":"2022-12-29T05:53:03","date_gmt":"2022-12-29T09:53:03","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14956"},"modified":"2022-12-29T05:53:03","modified_gmt":"2022-12-29T09:53:03","slug":"bitcoin-price-grinds-lower-more-losses-seem-imminent","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/29\/bitcoin-price-grinds-lower-more-losses-seem-imminent\/","title":{"rendered":"Bitcoin Price Grinds Lower, More Losses Seem Imminent"},"content":{"rendered":"

Bitcoin price is slowly moving lower from the $17,000 resistance. BTC could continue to move down towards the $16,000 support zone.<\/em><\/p>\n

Bitcoin started a fresh decline after it failed to clear the $17,000 and $17,200 resistance levels.
\nThe price is trading below $16,700 and the 100 hourly simple moving average.
\nThere is a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could drop further if there is a clear move below the $16,500 support zone.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

Bitcoin price failed to gain pace above the $17,000 resistance zone<\/a>. BTC started a fresh decline below the $16,800 support zone to move into a bearish zone.<\/p>\n

The price even traded below the $16,650 support zone and the 100 hourly simple moving average. It traded as low as $16,453 and is currently consolidating losses. The price is clearly trading in a bearish zone below $16,700 and the 100 hourly simple moving average.<\/p>\n

Bitcoin price is now facing resistance near the $16,580 level. It is close to the 23.6% Fib retracement level of the downward move from the $16,961 swing high to $16,453 low. There is also a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is near the $16,700 zone and the 100 hourly SMA<\/a>. It is close to the 50% key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

The main hurdle is still near the $17,000 level. A proper close above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,200, above which the price rise towards the $17,500 resistance zone.<\/p>\n

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

If bitcoin fails to start a recovery wave above the $16,700 resistance, it could continue to move down. An immediate support on the downside is near the $16,450 level.<\/p>\n

The next major support is near the $16,200 level. A downside break below the $16,200 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,550.<\/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 $16,450, followed by $16,200.<\/p>\n

Major Resistance Levels \u2013 $16,700, $17,000 and $17,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is slowly moving lower from the $17,000 resistance. BTC could continue to move down towards the $16,000 support zone.<\/em><\/p>\n

Bitcoin started a fresh decline after it failed to clear the $17,000 and $17,200 resistance levels.
\nThe price is trading below $16,700 and the 100 hourly simple moving average.
\nThere is a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could drop further if there is a clear move below the $16,500 support zone.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

Bitcoin price failed to gain pace above the $17,000 resistance zone<\/a>. BTC started a fresh decline below the $16,800 support zone to move into a bearish zone.<\/p>\n

The price even traded below the $16,650 support zone and the 100 hourly simple moving average. It traded as low as $16,453 and is currently consolidating losses. The price is clearly trading in a bearish zone below $16,700 and the 100 hourly simple moving average.<\/p>\n

Bitcoin price is now facing resistance near the $16,580 level. It is close to the 23.6% Fib retracement level of the downward move from the $16,961 swing high to $16,453 low. There is also a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is near the $16,700 zone and the 100 hourly SMA<\/a>. It is close to the 50% key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

The main hurdle is still near the $17,000 level. A proper close above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,200, above which the price rise towards the $17,500 resistance zone.<\/p>\n

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

If bitcoin fails to start a recovery wave above the $16,700 resistance, it could continue to move down. An immediate support on the downside is near the $16,450 level.<\/p>\n

The next major support is near the $16,200 level. A downside break below the $16,200 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,550.<\/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 $16,450, followed by $16,200.<\/p>\n

Major Resistance Levels \u2013 $16,700, $17,000 and $17,200.<\/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-14956","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\/14956","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=14956"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14956\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14956"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}