{"id":14097,"date":"2022-12-08T03:44:20","date_gmt":"2022-12-08T03:44:20","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2022\/12\/08\/bitcoin-price-could-avoid-another-downtrend-if-it-closes-above-one-key-level\/"},"modified":"2022-12-08T03:44:20","modified_gmt":"2022-12-08T03:44:20","slug":"bitcoin-price-could-avoid-another-downtrend-if-it-closes-above-one-key-level","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2022\/12\/08\/bitcoin-price-could-avoid-another-downtrend-if-it-closes-above-one-key-level\/","title":{"rendered":"Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin worth prolonged its decline beneath the $17,000 stage. BTC might keep away from a serious drop if it closes above the $17,000 resistance zone.<\/em><\/p>\n<ul>\n<li>Bitcoin remained in a bearish zone and traded beneath the $17,000 help.<\/li>\n<li>The worth is buying and selling beneath $17,000 and the 100 hourly easy transferring common.<\/li>\n<li>There is a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC\/USD pair (information feed from Kraken).<\/li>\n<li>The pair is exhibiting a number of bearish indicators beneath the $17,000 pivot stage.<\/li>\n<\/ul>\n<h2>Bitcoin Price Is Showing Bearish Signs<\/h2>\n<p>Bitcoin worth failed to remain in a optimistic zone above the $17,000 pivot stage. BTC bears have been lively and there was a push beneath the <a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-consolidates-17k\/\" target=\"_blank\" rel=\"noopener\">$16,800 support zone<\/a>.<\/p>\n<p>The worth examined the $16,700 stage and settled beneath the 100 hourly easy transferring common. A low is shaped close to $16,700 and the value is now consolidating losses. There was a minor improve above the $16,800 resistance stage.<\/p>\n<p>Bitcoin worth climbed above the 23.6% Fib retracement stage of the current decline from the $17,130 swing excessive to $16,700 low. It is now buying and selling beneath $17,000 and the 100 hourly easy transferring common. There can also be a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, an <a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-lacking-momentum-17k\/\" target=\"_blank\" rel=\"noopener\">immediate resistance<\/a> is close to the $16,920 stage and the bearish development line. It is close to the 50% Fib retracement stage of the current decline from the $17,130 swing excessive to $16,700 low.<\/p>\n<p><a href=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-511571\" src=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5.png\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5.png 1834w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5-460x212.png 460w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5-860x396.png 860w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5-768x354.png 768w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5-1536x708.png 1536w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5-750x346.png 750w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5-1140x525.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 first main resistance is close to the $17,000 zone, above which the value might maybe begin one other regular improve. In the said case, the value might rise in the direction of the $17,200 resistance. The subsequent main resistance is close to $17,450, above which the value rise in the direction of the $18,000 zone within the close to time period.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to start out a contemporary improve above the $17,000 resistance, there could possibly be extra downsides. An fast help on the draw back is close to the $16,700 stage.<\/p>\n<p>The subsequent main help is close to the $16,500 zone. A draw back break beneath the $16,500 help may name a drop in the direction of $16,000. Any extra losses may push the value in the direction of the $15,500 pivot 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 close to the 50 stage.<\/p>\n<p>Major Support Levels \u2013 $16,700, adopted by $16,500.<\/p>\n<p>Major Resistance Levels \u2013 $16,920, $17,000 and $17,200.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-downtrend-17k\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin worth prolonged its decline beneath the $17,000 stage. BTC might keep away from a serious drop if it closes above the $17,000 resistance zone. Bitcoin remained in a bearish zone and traded beneath the $17,000 help. The worth is buying and selling beneath $17,000 and the 100 hourly easy transferring common. There is 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