Bitcoin Breaks Above 16,500 – Brace for Buying Positions - Forex News by FX Leaders

Bitcoin Breaks Above 16,500 – Brace for Buying Positions

Posted Wednesday, November 30, 2022 by
Skerdian Meta • 1 min read
Bitcoin’s price has risen beyond the $16,500 resistance level. BTC could increase more if it closes above the $17,000 barrier level. Bitcoin’s price established a base just above the $16,200 support level. BTC began a steady rise and broke through the $16,500 resistance zone and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, there was a break over a key negative trend line with a resistance of approximately $16,450 throughout the rise. The pair broke the 76.4% Fib retracement line of the negative move from the swing high of $16,589 to the low of $16,000.Bitcoin is trading above the $16,500 mark and the 100 hourly simple moving average. It is approaching the 1.618 Fib extension level of the negative move from the swing high of $16,589 to the low of $16,000.

On the upside, an immediate resistance level is near $16,950. The first significant obstacle is near $17,000, and the price may increase. In the scenario above, the price could challenge the $17,500 resistance. The next big barrier is near $18,000, beyond which the price may accelerate toward the $18,800 zone.

A downside correction is possible if bitcoin fails to break through the $17,000 barrier. On the downside, there is immediate support near $16,800.The next key support is near $16,500 or the 100 hourly SMA, below which the price will continue to fall. In the scenario above, the price could fall toward the $16,200 support zone. Any further losses could lead to a test of the critical $16,000 support zone in the short term.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments