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{"id":561119,"date":"2023-11-17T03:43:59","date_gmt":"2023-11-17T03:43:59","guid":{"rendered":"https:\/\/ktsl888.com\/?p=561119"},"modified":"2024-06-11T07:44:40","modified_gmt":"2024-06-11T07:44:40","slug":"bitcoin-price-signals-bearish-pattern-38k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-signals-bearish-pattern-38k\/","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

\n
Bitcoin started a fresh decline from the $38,000 resistance zone.<\/li>\n
The price is trading below $36,750 and the 100 hourly Simple moving average.<\/li>\n
There 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).<\/li>\n
The pair could decline further if there is a break below the $35,950 support.<\/li>\n<\/ul>\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
$\"Bitcoin$ <\/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","protected":false},"excerpt":{"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. Bitcoin started a fresh decline from the $38,000 resistance zone. The price is trading below $36,750 and the 100 hourly Simple moving average. There 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). The pair could decline further if there is a break below the $35,950 support. Bitcoin Price Forms Double Top Scenario Bitcoin price made another attempt to clear the $38,000 resistance. 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. 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. Finally, the bulls appeared near the $35,500 level. A low was formed near $35,517 and the price is now correcting losses. 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. 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. Source: BTCUSD on TradingView.com 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. More Losses In BTC? 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. 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. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $36,200, followed by $35,500. Major Resistance Levels \u2013 $36,700, $37,000, and $38,000.<\/p>\n","protected":false},"author":67,"featured_media":464677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-561119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Price Signals Bearish Pattern, Why BTC Could Drop Another 5%<\/title>\n<meta name=\"description\" content=\"Bitcoin price again failed to clear the $38,000 resistance zone. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/ktsl888.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Signals Bearish Pattern, Why BTC Could Drop Another 5%","url":"http:\/\/ktsl888.com\/news\/bitcoin-price-signals-bearish-pattern-38k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-price-signals-bearish-pattern-38k\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/05\/shutterstock_127419983.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/05\/shutterstock_127419983.jpg?fit=1000%2C769"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2023-11-17T03:43:59Z","datePublished":"2023-11-17T03:43:59Z","dateModified":"2024-06-11T07:44:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Signals Bearish Pattern, Why BTC Could Drop Another 5%\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-signals-bearish-pattern-38k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-signals-bearish-pattern-38k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_127419983.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_127419983.jpg?fit=1000%2C769\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2023-11-17T03:43:59Z\",\"datePublished\":\"2023-11-17T03:43:59Z\",\"dateModified\":\"2024-06-11T07:44:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/05\/shutterstock_127419983.jpg?fit=1000%2C769","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/561119"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=561119"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/561119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/464677"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=561119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=561119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=561119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}