{"id":466920,"date":"2021-07-06T03:08:03","date_gmt":"2021-07-06T03:08:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=466920"},"modified":"2024-06-11T13:56:51","modified_gmt":"2024-06-11T13:56:51","slug":"bitcoin-prints-bearish-pattern-32-2k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-prints-bearish-pattern-32-2k\/","title":{"rendered":"TA: Bitcoin Prints Bearish Technical Pattern, Why It Could Revisit $32.2K"},"content":{"rendered":"<p><em>Bitcoin price is correcting gains and it is trading well below $35,000 against the US Dollar. BTC could decline further if it stays below $34,400.<\/em><\/p>\n<ul>\n<li>Bitcoin started a downside correction below the $35,000 and $34,000 levels.<\/li>\n<li>The price is now trading below the $34,000 support and the 100 hourly simple moving average.<\/li>\n<li>There is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could decline further if it breaks the $33,600 and $33,500 support levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains At Risk<\/h2>\n<p>Bitcoin failed to climb above the $36,000 zone and it is started a <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-correcting-gains-34k\/\" target=\"_blank\" rel=\"noopener \">fresh decline<\/a>. BTC traded below the $35,000 and $34,500 support levels to move into a bearish zone.<\/p>\n<p>The price even broke the $34,000 level and settled below the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-reaches-key-support-32k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. A low was formed near $33,103 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the recent decline from the $35,950 swing high to $33,100 low.<\/p>\n<p>It seems like there is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC\/USD pair. If bitcoin price fails to stay above the triangle support and then $33,500, there is a risk of a downside break.<\/p>\n<p>The next major support is near the $33,00 level. If there is a downside break below the $33,100 and $33,000 support levels, the price could continue to move down.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-466921\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png?resize=1816%2C788\" alt=\"Bitcoin Price\" width=\"1816\" height=\"788\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png?w=1816 1816w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/07\/Bitcoin-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $32,200 support. The next major supports sits near the $31,200 level.<\/p>\n<h2>Fresh Increase in BTC?<\/h2>\n<p>If bitcoin remains stable above the $33,500 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $34,000 level and the triangle upper trend line.<\/p>\n<p>The next key resistance is near $34,250 and the 100 hourly SMA. The main resistance is now forming near $34,400, above which the price could revisit the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $33,500, followed by $33,000.<\/p>\n<p>Major Resistance Levels \u2013 $34,000, $34,400 and $35,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is correcting gains and it is trading well below $35,000 against the US Dollar. BTC could decline further if it stays below $34,400. Bitcoin started a downside correction below the $35,000 and $34,000 levels. The price is now trading below the $34,000 support and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline further if it breaks the $33,600 and $33,500 support levels. Bitcoin Price Remains At Risk Bitcoin failed to climb above the $36,000 zone and it is started a fresh decline. BTC traded below the $35,000 and $34,500 support levels to move into a bearish zone. The price even broke the $34,000 level and settled below the 100 hourly simple moving average. A low was formed near $33,103 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the recent decline from the $35,950 swing high to $33,100 low. It seems like there is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC\/USD pair. If bitcoin price fails to stay above the triangle support and then $33,500, there is a risk of a downside break. The next major support is near the $33,00 level. If there is a downside break below the $33,100 and $33,000 support levels, the price could continue to move down. Source: BTCUSD on TradingView.com In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $32,200 support. The next major supports sits near the $31,200 level. Fresh Increase in BTC? If bitcoin remains stable above the $33,500 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $34,000 level and the triangle upper trend line. The next key resistance is near $34,250 and the 100 hourly SMA. The main resistance is now forming near $34,400, above which the price could revisit the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just below the 50 level. Major Support Levels \u2013 $33,500, followed by $33,000. Major Resistance Levels \u2013 $34,000, $34,400 and $35,000.<\/p>\n","protected":false},"author":67,"featured_media":464763,"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":[428,1144,78790,76835],"class_list":["post-466920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Prints Bearish Technical Pattern, Why It Could Revisit $32.2K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is correcting gains and it is trading well below $35,000 against the US Dollar. BTC could decline further if it stays below $34,400. 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