bullish

2024

Bitcoin

Read

Divergence

<p><a href="https://captainaltcoin.com/bitcoin-nears-91k-can-bulls-push-btc-price-to-95k-amid-key-resistance/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has achieved three new ATHs within the past week. However, analyst Crypto Patel has raised concerns about declining momentum.&nbsp;</p>
<p>The analyst points to a crucial pattern on BTC’s chart and bearish signs from the RSI indicator. He advises traders in his tweet to be cautious and refrain from making snap judgments.&nbsp;</p>
<p>His perception suggests a wait-and-see approach for a clear breakout.</p>
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   <p lang="en" dir="ltr">Bitcoin ATH Warning: RSI Says "Be Careful <br><br>Recent Action: <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> has hit a new ATH 3 times in the last 7 days. However, the RSI is dropping, signaling caution.<br><br>Risk Alert: <br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/25ab.png" alt="▫" class="wp-smiley" style="height: 1em; max-height: 1em;"> A triangle pattern is forming on the LTF.<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/25ab.png" alt="▫" class="wp-smiley" style="height: 1em; max-height: 1em;"> Wait for a clear breakout before making any moves.<br><br>Key… <a href="https://t.co/IQb0L4cDYM" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/IQb0L4cDYM</a></p>— Crypto Patel (@CryptoPatel) <a href="https://twitter.com/CryptoPatel/status/1859074018269425932?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 20, 2024</a>
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<h2 class="wp-block-heading" id="strong-this-btc-formation-indicates-consolidation-strong"><strong>This BTC Formation Indicates Consolidation</strong></h2>
<p>Patel’s Bitcoin chart reveals a symmetrical triangle pattern. It consists of higher lows and lower highs. This pattern often signifies consolidation before a breakout, but the direction remains uncertain.</p>
<p>Resistance at $93.4k has emerged as a key hurdle, with Bitcoin testing this level multiple times without a breakthrough. A successful breakout above this point could push the price toward $100,000, aligning with <a href="https://www.indiatoday.in/business/story/bitcoin-breaches-usd-94000-for-first-time-record-all-time-high-etf-options-2636268-2024-11-20" target="_blank" rel="noopener noreferrer nofollow">bullish predictions</a>.&nbsp;</p>
<p>Conversely, support at $90,600 is critical. If breached, it may lead to a sharp decline toward $75,000, a level highlighted as a major support zone by the analyst.</p>
<h2 class="wp-block-heading" id="strong-rsi-signals-bearish-divergence-strong"><strong>RSI Signals Bearish Divergence</strong></h2>
<p>The RSI, a key momentum indicator, suggests weakening bullish pressure. While Bitcoin’s price has climbed to record highs, the RSI has displayed lower peaks, forming a bearish divergence. This divergence often signals potential exhaustion in an uptrend.</p>
<p>Crypto Patel noted that a breakdown in RSI below its trendline could trigger bearish price action. Additionally, RSI levels nearing overbought territory align with recent ATHs, signaling reduced buying interest despite <a href="https://captainaltcoin.com/7-reasons-why-bitcoin-btc-price-could-hit-200000-in-2025/" target="_blank" rel="noopener noreferrer nofollow">rising prices</a>.</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/uniswap-uni-price-shows-bullish-potential-after-recent-correction-heres-the-outlook/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Uniswap (UNI) Price Shows Bullish Potential After Recent Correction – Here’s the Outlook</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-bitcoin-key-levels-to-monitor-strong"><strong>Bitcoin Key Levels to Monitor</strong></h2>
<p>Two critical levels dominate the current Bitcoin chart analysis. On the upside, $93,400 remains a pivotal resistance. A breakout here could fuel a rally to $100,000. On the downside, $90,600 is an immediate support level. A failure to hold this level may lead to a drop toward $75,000, which represents a prior consolidation zone.</p>
<p>The tweet underscores the importance of waiting for a clear breakout from the triangle before making trading decisions. The RSI divergence further reinforces a cautious stance. At press time, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC trades at $92,338.88.</a></p>
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<p>The post <a href="https://captainaltcoin.com/expert-warns-of-a-bitcoin-btc-price-correction-heres-the-outlook/" rel="noopener noreferrer nofollow">Expert Warns of a Bitcoin (BTC) Price Correction – Here’s the Outlook</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Expert Warns of a Bitcoin (BTC) Price Correction – Here’s the Outlook

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