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

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	376,954,889,264	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

376,954,889,264

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	12.06	0.39%	3,129.44	3,129.87	3,130.03

Price Change

Price Change %

Current Price

Bid Price

Offer

12.06

0.39%

3,129.44

3,129.87

3,130.03

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,171.64	3,073.70	3,117.96	3,117.70	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,171.64

3,073.70

3,117.96

3,117.70

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:10:45	0.300000	3,129.67	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:10:45

0.300000

3,129.67

USD

Price x Volume	Volume	Base Symbol	Related Pairs
123,829,249.99	39,587.88	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

123,829,249.99

39,587.88

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

16/11/2022 2:20am

NEWSBTC

Bitcoin price is attempting a recovery wave from the $16,000 support zone. BTC could start a decent increase if it clears the $17,000 and $17,200 resistance levels in the short term. Bitcoin is slowly moving higher and consolidating above the $16,500 level. The price is trading above $16,500 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a recovery wave if it clears the $17,000 resistance zone. Bitcoin Price Consolidates Bitcoin price remained stable above the $16,000 support zone. BTC formed a base and slowly moved higher above the $16,350 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The bulls were able to contain losses and the price started to move in a range above the $16,400 level. Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average, similar to ethereum. On the upside, an immediate resistance is near the $16,900 level. There is also a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance might start a decent increase. Source: BTCUSD on TradingView.com The next major resistance is near $17,265, above which the price could test the $18,000 zone. Any more gains might send the price towards the $18,500 resistance zone. Fresh Decline in BTC? If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $16,650 level and the 100 hourly SMA. The next major support is near the $16,350 zone. A clear move below the $16,350 support might push the price further lower. In this case, the price may perhaps decline towards the $16,000 support zone. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $16,350, followed by $16,000. Major Resistance Levels – $16,900, $17,000 and $17,500.

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

ETHUSD Ethereum