{"id":15024,"date":"2022-12-30T03:53:32","date_gmt":"2022-12-30T07:53:32","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=15024"},"modified":"2022-12-30T03:53:32","modified_gmt":"2022-12-30T07:53:32","slug":"bitcoin-price-could-end-the-year-further-lower-key-resistance-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/30\/bitcoin-price-could-end-the-year-further-lower-key-resistance-intact\/","title":{"rendered":"Bitcoin Price Could End The Year Further Lower, Key Resistance Intact"},"content":{"rendered":"

Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at a risk of more downsides below the $16,000 support zone before the year end.<\/em><\/p>\n

Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.
\nThe price is trading below $16,700 and the 100 hourly simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could resume its decline if it stays below the $17,000 resistance zone.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price gained pace below the $16,800 support zone. BTC even extended its decline<\/a> below the $16,700 level and the 100 hourly simple moving average.<\/p>\n

The price traded as low as $16,453 and is currently correcting losses. There was a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.<\/p>\n

There was also a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC\/USD pair. However, bitcoin price is now trading below $16,700 and the 100 hourly simple moving average<\/a>.<\/p>\n

On the upside, an immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.<\/p>\n

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

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

The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,500, above which the price rise towards the $18,000 resistance zone.<\/p>\n

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

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

The next major support is near the $16,250 level. A clear move below the $16,250 support might spark a move 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 $16,450, followed by $16,250.<\/p>\n

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

<\/p>\n

Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at a risk of more downsides below the $16,000 support zone before the year end.<\/em><\/p>\n

Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.
\nThe price is trading below $16,700 and the 100 hourly simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could resume its decline if it stays below the $17,000 resistance zone.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price gained pace below the $16,800 support zone. BTC even extended its decline<\/a> below the $16,700 level and the 100 hourly simple moving average.<\/p>\n

The price traded as low as $16,453 and is currently correcting losses. There was a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.<\/p>\n

There was also a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC\/USD pair. However, bitcoin price is now trading below $16,700 and the 100 hourly simple moving average<\/a>.<\/p>\n

On the upside, an immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.<\/p>\n

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

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

The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,500, above which the price rise towards the $18,000 resistance zone.<\/p>\n

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

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

The next major support is near the $16,250 level. A clear move below the $16,250 support might spark a move 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 $16,450, followed by $16,250.<\/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-15024","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\/15024","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=15024"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/15024\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=15024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=15024"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=15024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}