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{"id":510829,"date":"2022-12-01T22:15:52","date_gmt":"2022-12-02T03:15:52","guid":{"rendered":"https:\/\/uniquehot.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:\/\/uniquehot.com\/news\/bitcoin-price-correction-16-5k\/","title":{"rendered":"Bitcoin Price Starts Technical Correction, Here\u2019s Key Support To Watch"},"content":{"rendered":"

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

\n
Bitcoin gained pace and cleared the $17,000 and $17,200 resistance levels.<\/li>\n
The price is trading above $16,650 and the 100 hourly simple moving average.<\/li>\n
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
The pair could correct lower towards the $16,650 and $16,500 support levels.<\/li>\n<\/ul>\n
Bitcoin Price Faces Bears<\/h2>\n
Bitcoin price attempted a 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
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
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<\/a>.<\/p>\n
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
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/p>\n
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
Dips Supported in BTC?<\/h2>\n
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
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
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $16,800, followed by $16,650.<\/p>\n
Major Resistance Levels \u2013 $17,000, $17,250 and $17,800.<\/p>\n","protected":false},"excerpt":{"rendered":"
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":"\nBitcoin 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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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Starts Technical Correction, Here\u2019s Key Support To Watch","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-correction-16-5k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-correction-16-5k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_638895124.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_638895124.jpg?fit=1000%2C574"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2022-12-02T03:15:52Z","datePublished":"2022-12-02T03:15:52Z","dateModified":"2024-06-11T08:06:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Starts Technical Correction, Here\\u2019s Key Support To Watch\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-correction-16-5k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-correction-16-5k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_638895124.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_638895124.jpg?fit=1000%2C574\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2022-12-02T03:15:52Z\",\"datePublished\":\"2022-12-02T03:15:52Z\",\"dateModified\":\"2024-06-11T08:06:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_638895124.jpg?fit=1000%2C574","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/510829"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=510829"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/510829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/464159"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=510829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=510829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=510829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}