{"id":32672,"date":"2023-11-17T03:52:36","date_gmt":"2023-11-17T07:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32672"},"modified":"2023-11-17T03:52:36","modified_gmt":"2023-11-17T07:52:36","slug":"bitcoin-price-signals-bearish-pattern-why-btc-could-drop-another-5","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/17\/bitcoin-price-signals-bearish-pattern-why-btc-could-drop-another-5\/","title":{"rendered":"Bitcoin Price Signals Bearish Pattern, Why BTC Could Drop Another 5%"},"content":{"rendered":"

Bitcoin price again failed to clear the $38,000 resistance zone. BTC is likely forming a double top and might decline toward the $34,500 support.<\/em><\/p>\n

Bitcoin started a fresh decline from the $38,000 resistance zone.
\nThe price is trading below $36,750 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline further if there is a break below the $35,950 support.<\/p>\n

Bitcoin Price Forms Double Top Scenario<\/h2>\n

Bitcoin price made another attempt to clear the $38,000 resistance<\/a>. However, BTC failed to clear the $38,000 resistance and started a fresh decline. It seems like the price is forming a double-top pattern near the $38,000 zone.<\/p>\n

There was a sharp move below the $37,200 and $37,000 levels. The price even spiked below the $36,500 level and the 100 hourly Simple moving average<\/a>. Finally, the bulls appeared near the $35,500 level. A low was formed near $35,517 and the price is now correcting losses.<\/p>\n

The price climbed above the 23.6% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low. Bitcoin is now trading below $36,750 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $36,700 level. The next key resistance could be near $37,000 or 61.8% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $37,000 resistance could start a strong increase. The first major resistance is near $37,500, above which the price might accelerate further higher. In the stated case, it could test the $38,000 level. Any more gains might send BTC toward the $39,200 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $37,000 resistance zone, it could continue to move down to complete the double-top pattern. Immediate support on the downside is near the $36,200 level.<\/p>\n

The next major support is $36,000. If there is a move below $36,000, there is a risk of more downsides. In the stated case, the price could drop toward the $35,500 support in the near term. The next key support or target could be $34,500.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $36,200, followed by $35,500.<\/p>\n

Major Resistance Levels \u2013 $36,700, $37,000, and $38,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price again failed to clear the $38,000 resistance zone. BTC is likely forming a double top and might decline toward the $34,500 support.<\/em><\/p>\n

Bitcoin started a fresh decline from the $38,000 resistance zone.
\nThe price is trading below $36,750 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline further if there is a break below the $35,950 support.<\/p>\n

Bitcoin Price Forms Double Top Scenario<\/h2>\n

Bitcoin price made another attempt to clear the $38,000 resistance<\/a>. However, BTC failed to clear the $38,000 resistance and started a fresh decline. It seems like the price is forming a double-top pattern near the $38,000 zone.<\/p>\n

There was a sharp move below the $37,200 and $37,000 levels. The price even spiked below the $36,500 level and the 100 hourly Simple moving average<\/a>. Finally, the bulls appeared near the $35,500 level. A low was formed near $35,517 and the price is now correcting losses.<\/p>\n

The price climbed above the 23.6% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low. Bitcoin is now trading below $36,750 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $36,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $36,700 level. The next key resistance could be near $37,000 or 61.8% Fib retracement level of the downward move from the $37,950 swing high to the $35,517 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $37,000 resistance could start a strong increase. The first major resistance is near $37,500, above which the price might accelerate further higher. In the stated case, it could test the $38,000 level. Any more gains might send BTC toward the $39,200 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $37,000 resistance zone, it could continue to move down to complete the double-top pattern. Immediate support on the downside is near the $36,200 level.<\/p>\n

The next major support is $36,000. If there is a move below $36,000, there is a risk of more downsides. In the stated case, the price could drop toward the $35,500 support in the near term. The next key support or target could be $34,500.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $36,200, followed by $35,500.<\/p>\n

Major Resistance Levels \u2013 $36,700, $37,000, and $38,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32672","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32672"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32672\/revisions"}],"predecessor-version":[{"id":32680,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32672\/revisions\/32680"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32672"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}