Bitcoin on the Rise, Brace for a Buy Signal

Bitcoin's price increased and reached $16,500. To begin a serious recovery in the near future,

Written by: Skerdian Meta • Thursday, November 24, 2022 • 1 min read

• Last updated: Thursday, November 24, 2022

Bitcoin’s price increased and reached $16,500. To begin a serious recovery in the near future, BTC needs to settle over $17,000. Bitcoin’s price created a solid support foundation above the $15,500 level.

BTC remained heavily bid and began an uptrend above the $16,000 barrier level.

There was a definite rise over the 50% Fib retracement line of the main collapse from the swing high of $16,795 to the low of $15,470.

Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a strong negative trend line with resistance near $16,220.

Bitcoin is trading above the $16,400 mark and the 100 hourly simple moving average. It is also well above the 76.4% Fib retracement level of the main slide from the swing high of $16,795 to the low of $15,470.

On the upside, an immediate resistance level is near $16,800.

The first significant resistance is located near the $17,000 level.

A good daily close over the $17,000 resistance level could signal the commencement of a genuine rebound wave. The next big barrier is near $17,500, and the price may accelerate toward the $18,000 zone.

A possible intermediate resistance level is $17,650. It is near the 1.618 Fib extension level of the main slide from the swing high of $16,795 to the low of $15,470. If bitcoin does not settle above the $17,000 resistance level, it may begin another slide.

On the downside, immediate support is near the $16,500 level, with a connected bullish trend line on the same chart.

The next key support is in the $16,250 area and the 100 hourly simple moving average, below which the price may begin to fall.
In the aforementioned scenario, the price could fall toward the $15,500 support zone.

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.