Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides
November 29 2022 - 10:10PM
NEWSBTC
Bitcoin price gained bullish momentum above the $16,500 resistance.
BTC could rise further if there is a close above the $17,000
resistance. Bitcoin started a decent increase above the $16,500 and
$16,650 resistance levels. The price is trading above $16,500 and
the 100 hourly simple moving average. There was a break above a
major bearish trend line with resistance near $16,450 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
rise further if there is a close above the $17,000 resistance.
Bitcoin Price Gains Bullish Momentum Bitcoin price formed a base
above the $16,200 support zone. BTC started a steady increase and
was able to clear the $16,500 resistance zone and the 100 hourly
simple moving average. During the increase, there was a break above
a major bearish trend line with resistance near $16,450 on the
hourly chart of the BTC/USD pair. The pair even surpassed the 76.4%
Fib retracement level of the downward move from the $16,589 swing
high to $16,000 low. Bitcoin price is now trading above $16,500 and
the 100 hourly simple moving average. It is testing the 1.618 Fib
extension level of the downward move from the $16,589 swing high to
$16,000 low. Source: BTCUSD on TradingView.com On the upside, an
immediate resistance is near the $16,950 level. The first major
resistance is near the $17,000 zone, above which the price may
perhaps accelerate higher. In the stated case, the price could test
the $17,500 resistance. The next major resistance is near $18,000,
above which the price could gain pace for a move towards the
$18,800 zone. Dips Supported in BTC? If bitcoin fails to climb
above the $17,000 resistance, there could be a downside correction.
An immediate support on the downside is near the $16,800 level. The
next major support is near the $16,500 zone or the 100 hourly SMA,
below which the price decline further. In the stated case, the
price might drop towards the $16,200 support zone. Any more losses
might call for a test of the key $16,000 support zone 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
– $16,800, followed by $16,500. Major Resistance Levels – $16,950,
$17,000 and $17,500.
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