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Saturday, December 3, 2022
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    HomeMarketBitcoin Price Stuck Below $17K, What Could Spark A Decent Increase

    Bitcoin Price Stuck Below $17K, What Could Spark A Decent Increase

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    Bitcoin value is making an attempt a restoration wave from the $16,000 help zone. BTC may begin an honest enhance if it clears the $17,000 and $17,200 resistance ranges within the quick time period.

    • Bitcoin is slowly shifting larger and consolidating above the $16,500 degree.
    • The value is buying and selling above $16,500 and the 100 hourly easy shifting common.
    • There’s a connecting bearish development line forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a restoration wave if it clears the $17,000 resistance zone.

    Bitcoin Value Consolidates

    Bitcoin price remained stable above the $16,000 support zone. BTC shaped a base and slowly moved larger above the $16,350 resistance zone.

    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 spread above the $16,400 degree.

    Bitcoin value is now buying and selling above $16,500 and the 100 hourly easy shifting common, much like ethereum. On the upside, an instantaneous resistance is close to the $16,900 degree. There’s additionally a connecting bearish development line forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair.

    The development line is close to the 50% Fib retracement degree of the downward transfer from the $18,155 swing excessive to $15,833 low. The primary main resistance is close to the $17,000 zone. A transparent transfer above the $17,000 resistance may begin an honest enhance.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent main resistance is close to $17,265, above which the worth may take a look at the $18,000 zone. Any extra positive factors may ship the worth in the direction of the $18,500 resistance zone.

    Contemporary Decline in BTC?

    If bitcoin fails to start out a restoration wave above the $17,000 resistance zone, it may begin a recent decline. A right away help on the draw back is close to the $16,650 degree and the 100 hourly SMA.

    The subsequent main help is close to the $16,350 zone. A transparent transfer beneath the $16,350 help may push the worth additional decrease. On this case, the worth could maybe decline in the direction of the $16,000 help zone.

    Technical indicators:

    Hourly MACD – The MACD is now dropping tempo within the bullish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

    Main Help Ranges – $16,350, adopted by $16,000.

    Main Resistance Ranges – $16,900, $17,000 and $17,500.



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