{"id":649476,"date":"2024-10-24T00:00:53","date_gmt":"2024-10-24T00:00:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=649476"},"modified":"2024-10-23T10:45:42","modified_gmt":"2024-10-23T10:45:42","slug":"bitcoin-price-bearish-engulfment","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-bearish-engulfment\/","title":{"rendered":"Bitcoin Price Shows Bearish Engulfment After Breakout, Here&#8217;s How Far The Price Could Crash"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Bitcoin price action is raising concerns after a failed attempt to push past critical resistance levels, <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/53-of-binance-traders-are-shorting-bitcoin-what-does-this-mean-for-price-action\/\"><span style=\"font-weight: 400\">with bearish signals now emerging<\/span><\/a><span style=\"font-weight: 400\">. According to an analysis shared on TradingView by the analyst RLinda, Bitcoin could be on the way to reversing last week&#8217;s gains and correcting heavily due to the formation of a bearish engulfing pattern.<\/span><\/p>\n<h2>Failed Push Above $69,000 Marks Bearish Reversal For Bitcoin<\/h2>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSDT\/wqiWuyzA-BITCOIN-False-Breakout-Bearish-Engulfment\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">RLinda\u2019s analysis<\/span><\/a><span style=\"font-weight: 400\"> of the Bitcoin price trajectory is based on a new bearish engulfment candlestick pattern that is developing on the daily candlestick timeframe. Last week, Bitcoin experienced a notable rally that brought the cryptocurrency into <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-target-quantile-model\/\"><span style=\"font-weight: 400\">a strong buying zone<\/span><\/a><span style=\"font-weight: 400\"> around $68,900.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-price-next-stop-3400\/\">Ethereum Price Breaks Out Of Symmetrical Triangle, Next Stop $3,400?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Despite the bullish momentum, Bitcoin bulls were unable to push the price through the $69,000 resistance zone, encountering repeated rejections as the cryptocurrency pushed toward this level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">RLinda&#8217;s analysis noted that this inability to break higher has <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-sharp-crash-67000\/\"><span style=\"font-weight: 400\">led to the formation of<\/span><\/a><span style=\"font-weight: 400\"> a bearish engulfment pattern over the past three daily candlestick bars, which could be a sign that the sellers are regaining control.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The bearish engulfment pattern, where the latest candle completely engulfs the previous day\u2019s candle, is a strong reversal signal that suggests the upward momentum has exhausted itself. This pattern, combined with the failure to clear the $69,000 zone, indicates that Bitcoin could be facing a deeper correction.<\/span><\/p>\n<p><span style=\"font-weight: 400\">RLinda\u2019s goes further to highlight that the recent rally appears to have been a false breakout from the descending resistance trendline that has been in place since Bitcoin reached its all-time high of $73,737. The descending trendline has acted as a ceiling for Bitcoin&#8217;s price rallies since March. Although last week&#8217;s rally initially seemed to break through it, the subsequent rejection suggests the breakout was not sustainable.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Given this, the analyst notes that Bitcoin has <\/span><a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-pauses-66500\/\"><span style=\"font-weight: 400\">now returned to a consolidation phase<\/span><\/a><span style=\"font-weight: 400\"> just below this trendline. As Bitcoin continues to consolidate, it increases the risk of deeper correction.<\/span><\/p>\n<figure id=\"attachment_649479\" aria-describedby=\"caption-attachment-649479\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-649479\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price-3.png?w=460&#038;resize=460%2C247\" alt=\"Bitcoin price\" width=\"460\" height=\"247\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price-3.png?w=512 512w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price-3.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-649479\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<h2>How Far Can A Bitcoin Price Correction Go?<\/h2>\n<p><span style=\"font-weight: 400\">Looking ahead, RLinda foresees a potential correction in Bitcoin&#8217;s price, with the first target for a decline set around $65,000. Should this level fail to hold, further corrections could see Bitcoin falling to $61,000, $58,000, and possibly as low as $57,000.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-price-prediction\/\">Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, this bearish outlook <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-signal-least-70-surge-has-formed-again\/\"><span style=\"font-weight: 400\">is not set in stone<\/span><\/a><span style=\"font-weight: 400\">. RLinda adds that the bearish structure could be invalidated if Bitcoin manages to break above $69,400. A break above would secure the bullish momentum and a sustained breakout above the descending triangle.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at $66,670, marking a 0.6% decline in the last 24 hours. The current price action aligns with RLinda\u2019s prediction of consolidation below the descending resistance trendline.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the meantime, the next few days could determine how much <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoins-uptober-breakout-in-sight\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin closes October (Uptober) <\/span><\/a><span style=\"font-weight: 400\">in the green zone. Resistance levels to watch are $66,500 and $65,000, while support levels to watch are $68,400, $69,400, and $71,500.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/WXpUlj04\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">BTC price still below $67,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price action is raising concerns after a failed attempt to push past critical resistance levels, with bearish signals now emerging. According to an analysis shared on TradingView by the analyst RLinda, Bitcoin could be on the way to reversing last week&#8217;s gains and correcting heavily due to the formation of a bearish engulfing pattern. Failed Push Above $69,000 Marks Bearish Reversal For Bitcoin RLinda\u2019s analysis of the Bitcoin price trajectory is based on a new bearish engulfment candlestick pattern that is developing on the daily candlestick timeframe. Last week, Bitcoin experienced a notable rally that brought the cryptocurrency into a strong buying zone around $68,900.\u00a0 Related Reading: Ethereum Price Breaks Out Of Symmetrical Triangle, Next Stop $3,400? Despite the bullish momentum, Bitcoin bulls were unable to push the price through the $69,000 resistance zone, encountering repeated rejections as the cryptocurrency pushed toward this level.\u00a0 RLinda&#8217;s analysis noted that this inability to break higher has led to the formation of a bearish engulfment pattern over the past three daily candlestick bars, which could be a sign that the sellers are regaining control.\u00a0 The bearish engulfment pattern, where the latest candle completely engulfs the previous day\u2019s candle, is a strong reversal signal that suggests the upward momentum has exhausted itself. This pattern, combined with the failure to clear the $69,000 zone, indicates that Bitcoin could be facing a deeper correction. RLinda\u2019s goes further to highlight that the recent rally appears to have been a false breakout from the descending resistance trendline that has been in place since Bitcoin reached its all-time high of $73,737. The descending trendline has acted as a ceiling for Bitcoin&#8217;s price rallies since March. Although last week&#8217;s rally initially seemed to break through it, the subsequent rejection suggests the breakout was not sustainable. Given this, the analyst notes that Bitcoin has now returned to a consolidation phase just below this trendline. As Bitcoin continues to consolidate, it increases the risk of deeper correction. How Far Can A Bitcoin Price Correction Go? Looking ahead, RLinda foresees a potential correction in Bitcoin&#8217;s price, with the first target for a decline set around $65,000. Should this level fail to hold, further corrections could see Bitcoin falling to $61,000, $58,000, and possibly as low as $57,000.\u00a0 Related Reading: Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019 However, this bearish outlook is not set in stone. RLinda adds that the bearish structure could be invalidated if Bitcoin manages to break above $69,400. A break above would secure the bullish momentum and a sustained breakout above the descending triangle. At the time of writing, Bitcoin is trading at $66,670, marking a 0.6% decline in the last 24 hours. The current price action aligns with RLinda\u2019s prediction of consolidation below the descending resistance trendline.\u00a0 In the meantime, the next few days could determine how much Bitcoin closes October (Uptober) in the green zone. Resistance levels to watch are $66,500 and $65,000, while support levels to watch are $68,400, $69,400, and $71,500. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":626337,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-649476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Shows Bearish Engulfment After Breakout, Here&#039;s How Far The Price Could Crash<\/title>\n<meta name=\"description\" content=\"The Bitcoin price action is raising concerns after a failed attempt to push past critical 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