{"id":15253,"date":"2023-01-04T01:53:20","date_gmt":"2023-01-04T05:53:20","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=15253"},"modified":"2023-01-04T01:53:20","modified_gmt":"2023-01-04T05:53:20","slug":"bitcoin-price-key-indicators-suggest-strengthening-case-for-upside-break","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/04\/bitcoin-price-key-indicators-suggest-strengthening-case-for-upside-break\/","title":{"rendered":"Bitcoin Price Key Indicators Suggest Strengthening Case For Upside Break"},"content":{"rendered":"

Bitcoin price is attempting an upside break above $16,800. BTC could gain bullish momentum if it clears the $16,800 and $17,000 levels.<\/em><\/p>\n

Bitcoin is still trading in a major range below the $16,800 and $17,000 resistance levels.
\nThe price is trading above $16,600 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if it settles above the $16,800 resistance.<\/p>\n

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

Bitcoin price formed a base above the $16,350 support zone. BTC started a slow increase and was able to clear the $16,650 resistance zone. The price even spiked towards the $16,800 resistance zone<\/a>.<\/p>\n

However, there was no upside break above $16,800. A high was formed near $16,770 and the price started a downside correction. There was a drop below the $16,700 level, but the bulls are active above the $16,600 level.<\/p>\n

Bitcoin price is now trading above $16,600 and the 100 hourly simple moving average<\/a>. There is also a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $16,685 level.<\/p>\n

The 50% Fib retracement level of the recent decline from the $16,770 swing high to $16,599 low is also near the $16,685 level. The first major resistance is near the $16,700 zone.<\/p>\n

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

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

The 61.8% Fib retracement level of the recent decline from the $16,770 swing high to $16,599 low is also near the $16,700 level. The next major resistance is near the $16,800 level. The main barrier is still near the $17,000 level. A clear close above the $17,000 resistance might start a fresh increase in the near term.<\/p>\n

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

If bitcoin price fails to surpass the $16,800 resistance, it could start another decline. An immediate support on the downside is near the $16,620 level and the trend line.<\/p>\n

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

Major Resistance Levels \u2013 $16,700, $16,800 and $17,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is attempting an upside break above $16,800. BTC could gain bullish momentum if it clears the $16,800 and $17,000 levels.<\/em><\/p>\n

Bitcoin is still trading in a major range below the $16,800 and $17,000 resistance levels.
\nThe price is trading above $16,600 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if it settles above the $16,800 resistance.<\/p>\n

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

Bitcoin price formed a base above the $16,350 support zone. BTC started a slow increase and was able to clear the $16,650 resistance zone. The price even spiked towards the $16,800 resistance zone<\/a>.<\/p>\n

However, there was no upside break above $16,800. A high was formed near $16,770 and the price started a downside correction. There was a drop below the $16,700 level, but the bulls are active above the $16,600 level.<\/p>\n

Bitcoin price is now trading above $16,600 and the 100 hourly simple moving average<\/a>. There is also a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $16,685 level.<\/p>\n

The 50% Fib retracement level of the recent decline from the $16,770 swing high to $16,599 low is also near the $16,685 level. The first major resistance is near the $16,700 zone.<\/p>\n

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

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

The 61.8% Fib retracement level of the recent decline from the $16,770 swing high to $16,599 low is also near the $16,700 level. The next major resistance is near the $16,800 level. The main barrier is still near the $17,000 level. A clear close above the $17,000 resistance might start a fresh increase in the near term.<\/p>\n

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

If bitcoin price fails to surpass the $16,800 resistance, it could start another decline. An immediate support on the downside is near the $16,620 level and the trend line.<\/p>\n

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

Major Resistance Levels \u2013 $16,700, $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-15253","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\/15253","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=15253"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/15253\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=15253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=15253"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=15253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}