{"id":38388,"date":"2022-12-17T11:07:35","date_gmt":"2022-12-17T11:07:35","guid":{"rendered":"http:\/\/egrowonline.com\/?p=38388"},"modified":"2022-12-17T11:07:35","modified_gmt":"2022-12-17T11:07:35","slug":"bitcoin-price-could-avoid-another-downtrend-if-it-closes-above-one-key-level","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=38388","title":{"rendered":"Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Bitcoin price extended its decline below the $17,000 level. BTC could avoid a major drop if it closes above the $17,000 resistance zone.<\/em><\/p>\n<ul>\n<li>Bitcoin remained in a bearish zone and traded below the $17,000 support.<\/li>\n<li>The price is trading below $17,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is showing a few bearish signs below the $17,000 pivot level.<\/li>\n<\/ul>\n<h2>Bitcoin Price Is Showing Bearish Signs<\/h2>\n<p>Bitcoin price failed to stay in a positive zone above the $17,000 pivot level. BTC bears were active and there was a push below the <a target=\"_blank\" href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-consolidates-17k\/\" rel=\"noopener\">$16,800 support zone<\/a>.<\/p>\n<p>The price tested the $16,700 level and settled below the 100 hourly simple moving average. A low is formed near $16,700 and the price is now consolidating losses. There was a minor increase above the $16,800 resistance level.<\/p>\n<p>Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low. It is now trading below $17,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, an <a target=\"_blank\" href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-lacking-momentum-17k\/\" rel=\"noopener\">immediate resistance<\/a> is near the $16,920 level and the bearish trend line. It is near the 50% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-5.png\" rel=\"noopener\"><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\" \/><\/a><\/p>\n<p>The first major resistance is near the $17,000 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,200 resistance. The next major resistance is near $17,450, above which the price rise towards the $18,000 zone in the near term.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to start a fresh increase above the $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,700 level.<\/p>\n<p>The next major support is near the $16,500 zone. A downside break below the $16,500 support might call a drop towards $16,000. Any more losses might push the price towards the $15,500 pivot zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $16,700, followed by $16,500.<\/p>\n<p>Major Resistance Levels \u2013 $16,920, $17,000 and $17,200.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiPWh0dHBzOi8vbmV3c2J0Yy5jb20vYW5hbHlzaXMvYnRjL2JpdGNvaW4tcHJpY2UtZG93bnRyZW5kLTE3ay_SAUFodHRwczovL25ld3NidGMuY29tL2FuYWx5c2lzL2J0Yy9iaXRjb2luLXByaWNlLWRvd250cmVuZC0xN2svYW1wLw?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended its decline below the $17,000 level. BTC could avoid a major drop if it closes above the $17,000 resistance zone. Bitcoin remained in a bearish zone and traded below the $17,000 support. The price is trading below $17,000 and the 100 hourly simple moving average. There is a key bearish trend line [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[510,50,4515,1902,103,664,195],"class_list":["post-38388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-avoid","tag-bitcoin","tag-closes","tag-downtrend","tag-key","tag-level","tag-price"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/12\/shutterstock_649342378.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38388"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38388\/revisions"}],"predecessor-version":[{"id":38390,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38388\/revisions\/38390"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/38389"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38388"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}