{"id":33218,"date":"2023-11-27T04:14:07","date_gmt":"2023-11-27T08:14:07","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=33218"},"modified":"2023-11-27T04:14:07","modified_gmt":"2023-11-27T08:14:07","slug":"bitcoin-price-faces-rejection-and-now-at-risk-of-downside-extension","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/27\/bitcoin-price-faces-rejection-and-now-at-risk-of-downside-extension\/","title":{"rendered":"Bitcoin Price Faces Rejection and Now At Risk of Downside Extension"},"content":{"rendered":"

Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support.<\/em><\/p>\n

Bitcoin is still facing heavy resistance near the $37,750 resistance.
\nThe price is trading below $37,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $37,150 support.<\/p>\n

Bitcoin Price Signals Downside Correction<\/h2>\n

Bitcoin price made another attempt to surpass the $37,750 resistance<\/a>. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level.<\/p>\n

A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low.<\/p>\n

Bitcoin is now trading below $37,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase.<\/p>\n

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

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

The next key resistance could be near $38,500, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $38,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.<\/p>\n

The next major support is $36,700. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish 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 $37,150, followed by $36,700.<\/p>\n

Major Resistance Levels \u2013 $37,750, $38,000, and $38,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support.<\/em><\/p>\n

Bitcoin is still facing heavy resistance near the $37,750 resistance.
\nThe price is trading below $37,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $37,150 support.<\/p>\n

Bitcoin Price Signals Downside Correction<\/h2>\n

Bitcoin price made another attempt to surpass the $37,750 resistance<\/a>. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level.<\/p>\n

A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low.<\/p>\n

Bitcoin is now trading below $37,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase.<\/p>\n

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

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

The next key resistance could be near $38,500, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $38,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.<\/p>\n

The next major support is $36,700. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish 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 $37,150, followed by $36,700.<\/p>\n

Major Resistance Levels \u2013 $37,750, $38,000, and $38,500.<\/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-33218","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\/33218","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=33218"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33218\/revisions"}],"predecessor-version":[{"id":33224,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33218\/revisions\/33224"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33218"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}