{"id":12704,"date":"2022-11-16T02:46:13","date_gmt":"2022-11-16T02:46:13","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2022\/11\/16\/bitcoin-price-stuck-below-17k-what-could-spark-a-decent-increase\/"},"modified":"2022-11-16T02:46:13","modified_gmt":"2022-11-16T02:46:13","slug":"bitcoin-price-stuck-below-17k-what-could-spark-a-decent-increase","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2022\/11\/16\/bitcoin-price-stuck-below-17k-what-could-spark-a-decent-increase\/","title":{"rendered":"Bitcoin Price Stuck Below $17K, What Could Spark A Decent Increase"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin worth is trying a restoration wave from the $16,000 help zone. BTC might begin a good improve if it clears the $17,000 and $17,200 resistance ranges within the brief time period.<\/em><\/p>\n<ul>\n<li>Bitcoin is slowly shifting larger and consolidating above the $16,500 degree.<\/li>\n<li>The worth is buying and selling above $16,500 and the 100 hourly easy shifting common.<\/li>\n<li>There is a connecting bearish pattern line forming with resistance close to $16,900 on the hourly chart of the BTC\/USD pair (information feed from Kraken).<\/li>\n<li>The pair might begin a restoration wave if it clears the $17,000 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Consolidates<\/h2>\n<p><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-consolidates-17k-key\/\" target=\"_blank\" rel=\"noopener\">Bitcoin price remained stable above the $16,000 support zone<\/a>. BTC shaped a base and slowly moved larger above the $16,350 resistance zone.<\/p>\n<p>There was a transfer above the 23.6% Fib retracement degree of the downward transfer from the $18,155 swing excessive to $15,833 low. The bulls had been in a position to include losses and the worth began to maneuver in a variety above the $16,400 degree.<\/p>\n<p>Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy shifting common, much like <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-recovery-1300\/\" target=\"_blank\" rel=\"noopener\">ethereum<\/a>. On the upside, a direct resistance is close to the $16,900 degree. There can be a connecting bearish pattern line forming with resistance close to $16,900 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The pattern line is close to the 50% Fib retracement degree of the downward transfer from the $18,155 swing excessive to $15,833 low. The first main resistance is close to the $17,000 zone. A clear transfer above the $17,000 resistance may begin a good improve.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-508690\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2.png\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2.png 1834w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2-460x212.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2-860x396.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2-768x354.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2-1536x708.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2-750x346.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Bitcoin-2-1140x525.png 1140w\" sizes=\"auto, (max-width: 1834px) 100vw, 1834px\"\/><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The subsequent main resistance is close to $17,265, above which the worth might check the $18,000 zone. Any extra features may ship the worth in the direction of the $18,500 resistance zone.<\/p>\n<h2>Fresh Decline in BTC?<\/h2>\n<p>If bitcoin fails to begin a restoration wave above the $17,000 resistance zone, it might begin a contemporary decline. An quick help on the draw back is close to the $16,650 degree and the 100 hourly SMA.<\/p>\n<p>The subsequent main help is close to the $16,350 zone. A clear transfer under the $16,350 help may push the worth additional decrease. In this case, the worth might maybe decline in the direction of the $16,000 help zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now dropping tempo within the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 degree.<\/p>\n<p>Major Support Levels \u2013 $16,350, adopted by $16,000.<\/p>\n<p>Major Resistance Levels \u2013 $16,900, $17,000 and $17,500.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-stuck-below-17k\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin worth is trying a restoration wave from the $16,000 help zone. BTC might begin a good improve if it clears the $17,000 and $17,200 resistance ranges within the brief time period. Bitcoin is slowly shifting larger and consolidating above the $16,500 degree. The worth is buying and selling above $16,500 and the 100 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