Bitcoin Price Recovery Remains Capped, Why 100 SMA Is The Key

Nov 23, 2022 04:00 am Cryptocurrency 167

Bitcoin price started an upside correction from $15,500. BTC is now facing a strong resistance near the $16,300 zone and the 100 hourly SMA.

Bitcoin found support near $15,500 and started an upside correction.

The price is trading below $16,300 and the 100 hourly simple moving average.

There is a crucial bearish trend line forming with resistance near $16,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to rise if it clears the $16,300 level and the 100 hourly SMA.

Bitcoin Price Eyes Recovery

Bitcoin price extended its decline below the $16,000 support level. BTC even spiked below the $15,800 support level, but the bulls were active near the $15,500 level.

A low was formed near $15,470 and the price started an upside correction. There was a move above the $15,800 and $16,000 resistance levels. The bulls were able to push the price above the 50% Fib retracement level of the key decline ..

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