{"id":510829,"date":"2022-12-01T22:15:52","date_gmt":"2022-12-02T03:15:52","guid":{"rendered":"https:\/\/ktsl888.com\/?p=510829"},"modified":"2024-06-11T08:06:24","modified_gmt":"2024-06-11T08:06:24","slug":"bitcoin-price-correction-16-5k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-correction-16-5k\/","title":{"rendered":"Bitcoin Price Starts Technical Correction, Here\u2019s Key Support To Watch"},"content":{"rendered":"<p><em>Bitcoin price traded above the $17,000 resistance. BTC is correcting gains and might decline towards the $16,650 support zone in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin gained pace and cleared the $17,000 and $17,200 resistance levels.<\/li>\n<li>The price is trading above $16,650 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct lower towards the $16,650 and $16,500 support levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Bears<\/h2>\n<p>Bitcoin price attempted a <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-clears-17k\/\" target=\"_blank\" rel=\"noopener \">steady increase above the $17,000 resistance zone<\/a>. It even broke the $17,200 level and settled above the 100 hourly simple moving average.<\/p>\n<p>However, the bears were active above the $17,200 level. A high was formed near $17,319 before the price started a downside correction. There was a move below the $17,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high.<\/p>\n<p>Besides, there was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading above $16,650 and the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-regains-traction-17k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>On the upside, an immediate resistance is near the $17,000 level. The first major resistance is near the $17,250 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,800 resistance.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-510830\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png?w=1834 1834w, https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Bitcoin-1.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The next major resistance is near $18,800, above which the price could attempt a move towards the $19,500 zone in the near term.<\/p>\n<h2>Dips Supported 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 $16,800 level. The next major support is near the $16,650 zone.<\/p>\n<p>The 50% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high is also near the $16,650 support. A downside break below the $16,650 support might call for a move towards $16,500. Any more losses might call for a test of the key $16,000 support 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 below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $16,800, followed by $16,650.<\/p>\n<p>Major Resistance Levels \u2013 $17,000, $17,250 and $17,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price traded above the $17,000 resistance. BTC is correcting gains and might decline towards the $16,650 support zone in the near term. Bitcoin gained pace and cleared the $17,000 and $17,200 resistance levels. The price is trading above $16,650 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct lower towards the $16,650 and $16,500 support levels. Bitcoin Price Faces Bears Bitcoin price attempted a steady increase above the $17,000 resistance zone. It even broke the $17,200 level and settled above the 100 hourly simple moving average. However, the bears were active above the $17,200 level. A high was formed near $17,319 before the price started a downside correction. There was a move below the $17,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high. Besides, there was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading above $16,650 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $17,000 level. The first major resistance is near the $17,250 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,800 resistance. Source: BTCUSD on TradingView.com The next major resistance is near $18,800, above which the price could attempt a move towards the $19,500 zone in the near term. Dips Supported in BTC? 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 $16,800 level. The next major support is near the $16,650 zone. The 50% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high is also near the $16,650 support. A downside break below the $16,650 support might call for a move towards $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $16,800, followed by $16,650. Major Resistance Levels \u2013 $17,000, $17,250 and $17,800.<\/p>\n","protected":false},"author":67,"featured_media":464159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-510829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Starts Technical Correction, Here\u2019s Key Support To Watch<\/title>\n<meta name=\"description\" content=\"Bitcoin price traded above the $17,000 resistance. 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