Bitcoin Faces Fresh Decline from Resistance Zone
If you’ve been keeping an eye on Bitcoin, you may have noticed a fresh decline from the $38,000 resistance zone. The current price is below $36,750 and the 100 hourly Simple moving average. On the bright side, there is a connecting bullish trend line forming with support near $36,250 on the BTC/USD pair’s hourly chart.
Bitcoin Price Forms Double Top Scenario
Bitcoin made another attempt to surpass the $38,000 resistance but failed, starting a fresh decline and possibly forming a double-top pattern near the $38,000 zone. The price dropped below several key levels but found support near $35,500. It’s now correcting losses and faces immediate resistance at the $36,700 level. A close above $37,000 resistance could trigger a strong increase towards $37,500 and possibly $38,000.
The downside risk includes further decline if Bitcoin fails to rise above $37,000 resistance. Immediate support lies near $36,200 with the next major support at $36,000. Technical indicators suggest that the MACD is losing pace in the bullish zone while the RSI for BTC/USD is below the 50 level.
Hot Take: Bitcoin’s Next Moves
Bitcoin has faced another setback after failing to break through the $38,000 resistance zone. The potential double-top scenario suggests that further declines are possible if key support levels are breached. However, a successful break above $37,000 could lead to a strong upward movement toward $38,000.
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