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Bitcoin Price Resists But Breaking This Resistance Could Encourage Bulls

Byharjotsinghjaspal

Nov 17, 2022
Bitcoin
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Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.

  • Bitcoin is still consolidating above the $16,350 and $16,000 support levels.
  • The price is trading just above $16,500 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $16,750 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 Faces Resistance

Bitcoin price made an attempt to gain strength above the $17,000 resistance zone. However, BTC struggled to remain stable above the $17,000 level.

The price traded as high as $17,098 and recently started a slow decline. There was a move below the $16,800 and $16,650 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.

The price even spiked below the $16,500 level. However, the bulls were active near the 50% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.

Bitcoin price is now trading just above $16,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,750 level. There is also a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair.

The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance could set the pace for a decent recovery wave.

Source: BTCUSD on TradingView.com

The next major resistance is near $17,500, above which the price could rise towards 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 gain pace above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,600 level and the 100 hourly SMA.

The next major support is near the $16,350 zone. The main support is near the $16,000 zone. A clear move below the $16,000 support might spark another major decline in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining 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 – $16,750, $17,000 and $17,500.



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