{"id":13730,"date":"2022-12-02T03:20:49","date_gmt":"2022-12-02T03:20:49","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2022\/12\/02\/bitcoin-price-starts-technical-correction-heres-key-support-to-watch\/"},"modified":"2022-12-02T03:20:49","modified_gmt":"2022-12-02T03:20:49","slug":"bitcoin-price-starts-technical-correction-heres-key-support-to-watch","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2022\/12\/02\/bitcoin-price-starts-technical-correction-heres-key-support-to-watch\/","title":{"rendered":"Bitcoin Price Starts Technical Correction, Here\u2019s Key Support To Watch"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin worth traded above the $17,000 resistance. BTC is correcting features and may decline in direction of the $16,650 assist zone within the close to time period.<\/em><\/p>\n<ul>\n<li>Bitcoin gained tempo and cleared the $17,000 and $17,200 resistance ranges.<\/li>\n<li>The worth is buying and selling above $16,650 and the 100 hourly easy shifting common.<\/li>\n<li>There was a break under a significant bullish pattern line with assist close to $16,980 on the hourly chart of the BTC\/USD pair (knowledge feed from Kraken).<\/li>\n<li>The pair might right decrease in direction of the $16,650 and $16,500 assist ranges.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Bears<\/h2>\n<p>Bitcoin worth tried a <a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-clears-17k\/\" target=\"_blank\" rel=\"noopener\">steady increase above the $17,000 resistance zone<\/a>. It even broke the $17,200 stage and settled above the 100 hourly easy shifting common.<\/p>\n<p>However, the bears had been energetic above the $17,200 stage. A excessive was shaped close to $17,319 earlier than the worth began a draw back correction. There was a transfer under the $17,000 assist zone. The worth declined under the 23.6% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive.<\/p>\n<p>Besides, there was a break under a significant bullish pattern line with assist close to $16,980 on the hourly chart of the BTC\/USD pair. Bitcoin worth continues to be buying and selling above $16,650 and the <a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-regains-traction-17k\/\" target=\"_blank\" rel=\"noopener\">100 hourly simple moving average<\/a>.<\/p>\n<p>On the upside, an instantaneous resistance is close to the $17,000 stage. The first main resistance is close to the $17,250 zone, above which the worth could maybe begin one other regular enhance. In the acknowledged case, the worth might rise in direction of the $17,800 resistance.<\/p>\n<p><a href=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-510830\" src=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png 1834w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1-460x212.png 460w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1-860x396.png 860w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1-768x354.png 768w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1-1536x708.png 1536w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1-750x346.png 750w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1-1140x525.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 $18,800, above which the worth might try a transfer in direction of the $19,500 zone within the close to time period.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin fails to begin a contemporary enhance above the $17,000 resistance, there may very well be extra downsides. An instant assist on the draw back is close to the $16,800 stage. The subsequent main assist is close to the $16,650 zone.<\/p>\n<p>The 50% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive can be close to the $16,650 assist. A draw back break under the $16,650 assist may name for a transfer in direction of $16,500. Any extra losses may name for a check of the important thing $16,000 assist zone within the close to time period.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now dropping tempo within the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now under the 50 stage.<\/p>\n<p>Major Support Levels \u2013 $16,800, adopted by $16,650.<\/p>\n<p>Major Resistance Levels \u2013 $17,000, $17,250 and $17,800.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-correction-16-5k\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin worth traded above the $17,000 resistance. BTC is correcting features and may decline in direction of the $16,650 assist zone within the close to time period. Bitcoin gained tempo and cleared the $17,000 and $17,200 resistance ranges. The worth is buying and selling above $16,650 and the 100 hourly easy shifting common. There 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