Bitcoin Price Grinds Lower As Risk of Drop To $35K Escalates
28 November 2023 - 2:10PM
NEWSBTC
Bitcoin price is moving lower below the $37,000 level. BTC could
continue to move down toward the $36,000 level or even $35,000 zone
in the coming sessions. Bitcoin is showing bearish signs and moving
lower from the $37,750 resistance. The price is trading below
$37,400 and the 100 hourly Simple moving average. There is a key
bearish trend line forming with resistance near $37,380 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could continue to move down if it breaks the $36,750 support.
Bitcoin Price Extends Decline Bitcoin price started a downside
correction after it spiked toward the $38,500 zone. BTC followed a
bearish path and settled below the $37,200 level (as discussed in
yesterday’s post). There was a drop below the $37,000 level. A low
was formed near $36,720 and the price is now consolidating losses.
It climbed a bit above the 23.6% Fib retracement level of the
recent drop from the $38,432 swing high to the $36,720 low. Bitcoin
is now trading below $37,400 and the 100 hourly Simple moving
average. On the upside, immediate resistance is near the $37,400
level. There is also a key bearish trend line forming with
resistance near $37,380 on the hourly chart of the BTC/USD pair.
The first major resistance is forming near $37,570 or the 100
hourly Simple moving average. It is close to the 50% Fib
retracement level of the recent drop from the $38,432 swing high to
the $36,720 low. The main resistance is now near the $38,000 level.
A close above the $38,000 resistance might start a strong increase.
Source: BTCUSD on TradingView.com The next key resistance could be
near $38,500, above which BTC could rise toward the $39,200 level.
In the stated case, it could even move toward the $40,000
resistance. More Losses In BTC? If Bitcoin fails to rise above the
$37,570 resistance zone, it could continue to move down. Immediate
support on the downside is near the $36,720 level. The next major
support is $36,500. If there is a move below $36,500, there is a
risk of more downsides. In the stated case, the price could drop
toward the $35,650 support in the near term. The next key support
or target could be $35,000. Technical indicators: Hourly MACD – The
MACD is now gaining pace in the bearish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $36,720, followed by $36,000. Major
Resistance Levels – $37,400, $37,570, and $38,000.
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