{"id":15135,"date":"2023-01-02T02:53:15","date_gmt":"2023-01-02T06:53:15","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=15135"},"modified":"2023-01-02T02:53:15","modified_gmt":"2023-01-02T06:53:15","slug":"bitcoin-price-consolidates-in-key-range-what-could-trigger-next-move","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/02\/bitcoin-price-consolidates-in-key-range-what-could-trigger-next-move\/","title":{"rendered":"Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move"},"content":{"rendered":"

Bitcoin price is still facing resistance below $17,000. BTC could decline heavily if there is a clear move below the $16,000 support zone.<\/em><\/p>\n

Bitcoin is still showing bearish signs below the $16,800 and $17,000 resistance levels.
\nThe price is trading above $16,500 and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $16,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could resume its decline if there is a clear move below the $16,000 support.<\/p>\n

Bitcoin Price Remains In Downtrend<\/h2>\n

Bitcoin price spiked below the $16,500 support zone<\/a>. However, BTC bulls were active above the $16,200 level. The price traded as low as $16,325 and recently started an upside correction.<\/p>\n

There was a minor recovery wave above the $16,500 level. The price climbed above the $16,600 level and the 100 hourly simple moving average. However, the bears were active near the $16,680 zone. A high was formed near $16,683 and the price corrected lower.<\/p>\n

Bitcoin price declined below 23.6% Fib retracement level of the upward move from the $16,325 low to $16,683 high. It found support near the $16,500 level.<\/p>\n

The price is trading above the 50% Fib retracement level of the upward move from the $16,325 low to $16,683 high. It is also above $16,500 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,600 level.<\/p>\n

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

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

The first major resistance is near the $16,680 zone. The next major resistance is near the $16,800 level. The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a fresh increase in the near term.<\/p>\n

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

If bitcoin fails to start a recovery wave above the $16,650 resistance, it could start another decline. An immediate support on the downside is near the $16,500 level.<\/p>\n

The next major support is near the $16,350 level. A clear move below the $16,350 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 bullish 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 $16,500, followed by $16,350.<\/p>\n

Major Resistance Levels \u2013 $16,600, $16,800 and $17,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still facing resistance below $17,000. BTC could decline heavily if there is a clear move below the $16,000 support zone.<\/em><\/p>\n

Bitcoin is still showing bearish signs below the $16,800 and $17,000 resistance levels.
\nThe price is trading above $16,500 and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $16,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could resume its decline if there is a clear move below the $16,000 support.<\/p>\n

Bitcoin Price Remains In Downtrend<\/h2>\n

Bitcoin price spiked below the $16,500 support zone<\/a>. However, BTC bulls were active above the $16,200 level. The price traded as low as $16,325 and recently started an upside correction.<\/p>\n

There was a minor recovery wave above the $16,500 level. The price climbed above the $16,600 level and the 100 hourly simple moving average. However, the bears were active near the $16,680 zone. A high was formed near $16,683 and the price corrected lower.<\/p>\n

Bitcoin price declined below 23.6% Fib retracement level of the upward move from the $16,325 low to $16,683 high. It found support near the $16,500 level.<\/p>\n

The price is trading above the 50% Fib retracement level of the upward move from the $16,325 low to $16,683 high. It is also above $16,500 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,600 level.<\/p>\n

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

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

The first major resistance is near the $16,680 zone. The next major resistance is near the $16,800 level. The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a fresh increase in the near term.<\/p>\n

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

If bitcoin fails to start a recovery wave above the $16,650 resistance, it could start another decline. An immediate support on the downside is near the $16,500 level.<\/p>\n

The next major support is near the $16,350 level. A clear move below the $16,350 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 bullish 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 $16,500, followed by $16,350.<\/p>\n

Major Resistance Levels \u2013 $16,600, $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-15135","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\/15135","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=15135"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/15135\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=15135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=15135"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=15135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}