Bitcoin Stuck Below $17K, How Will it Recover?
- Blog
- November 17, 2022
Bitcoin Stuck Below $17K, How Will it Recover?
Bitcoin price is aiming for a recovery wave from the $16,000 support zone. BTC could start a significant increase if it manages to clear the $17,000 and $17,200 resistance zones in the short term.
Bitcoin is steadily moving higher and strengthening above the $16,500 level. It is trading at more than $16,500 and the 100 hourly simple moving average. A connecting bearish trend line is forming with resistance at the $16,900 mark on the hourly chart of the BTC/USD pair. If the pair manages to clear the $17,000 resistance zone, it could start a recovery wave.
The next resistance is near $17,265, crossing which would lead BTC to the $18,000 zone. Any more gains will potentially send the price toward the $18,500 resistance zone.
If bitcoin is unable to initiate a recovery phase above the $17,000 resistance zone, it could decline further. There is the immediate support on the downside near the $16,650 level and then the $16,350 zone. If it passes below the $16,650 support zone, it might potentially move the price further down. In the event that this happens, the price might decline toward the $16,000 support zone.
Technical Indicators:
Hourly MACD – Losing pace in the bullish zone now.
Hourly RSI (Relative Strength Index) – Above the 50 level.
Major Support Levels – $16,350, followed by $16,000.
Major Resistance Levels – $16,900, $17,000, and $17,500.
