Bitcoin Price Consolidates, Why 100 SMA Could Start A Decent Recovery

Nov 15, 2022 04:00 am Cryptocurrency 111

Bitcoin price remained stable above the $16,000 support zone. BTC could start a decent recovery wave if there is a clear move above the 100 hourly SMA.

Bitcoin remained well bid above the $16,000 and $15,800 support levels.

The price is trading below $17,000 and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $16,800 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 Faces Hurdles

Bitcoin price reacted to the downside once again after it failed to clear the $17,200 zone. BTC declined below the $17,000 and $16,500 levels. It even spiked below the $16,200 level.

However, the bulls were active above the $16,000 support zone. A low was formed near $16,164 and the price started a slow increase. There was a move above the $16,400 and $16,500 levels. The price cleared ..

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