Bitcoin Price Stuck Below $17K, What Could Spark A Decent Increase

Nov 16, 2022 04:00 am Cryptocurrency 93

Bitcoin price is attempting a recovery wave from the $16,000 support zone. BTC could start a decent increase if it clears the $17,000 and $17,200 resistance levels in the short term.

Bitcoin is slowly moving higher and consolidating above the $16,500 level.

The price is trading above $16,500 and the 100 hourly simple moving average.

There is a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a recovery wave if it clears the $17,000 resistance zone.

Bitcoin Price Consolidates

Bitcoin price remained stable above the $16,000 support zone. BTC formed a base and slowly moved higher above the $16,350 resistance zone.

There was a move above the 23.6% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The bulls were able to contain losses and the price started to move in a range above ..

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