Bitcoin trades in a bearish zone of $39,000 below the US Dollar. If it struggles below $39,000., BTC may accelerate downwards.
- Bitcoin has shown bearish signals below $40,000 and $39,000 levels.
- This price trades below $39,000. The simple moving average is 100 hours.
- On the hourly chart for the BTC/USD pair, there is a critical bearish trendline that forms with resistance close to $38,550 (datafeed from Kraken).
- If the bulls are able to drive the price higher than $39,550, the pair could accelerate downwards.
Bitcoin’s Price Continues to Rise
Bitcoin prices remained below the $40,000 support area in a bearish zone. BTC tried to recover from the $38,500 area, but it remained below the$39,000.550 resistance.
The price fell further from the $39550 resistance area and the 100 hourly simple movement average. The price fell below the $38,800 support level and the $38,500 resistance levels. Below the $38,000 support level, the decline continued.
The price has been consolidating its losses since a low was formed at $37,625 Bitcoin is gradually moving higher, trading near the 23.6% Fib level of the decline from the swing high at $39.499 to the low at $37.625, and slowly climbing.
Close to $38,550 is the initial major resistance. On the hourly chart for the BTC/USD pair, there is a critical bearish trend line that forms with resistance at $38,550. It coincides with 50% Fib level of recent fall from $39 499 swing high to $27 625 low.
Source: BTCUSD from TradingView.com
The price could rise further if it moves above the $38,550 resistance level. There is a chance of steady increases above the $39550 mark, which will be next in line. If the previous scenario is true, then the price might even try to move higher than the $40,000 resistance level.
BTC: More losses
Bitcoin could move lower if it fails to break the $38,550 resistance level. Support for the downside lies near the $37800 zone.
Near the $37.650 level is the next significant support. Near the $37.150 mark is the main support. The price could gain bearish momentum if it breaks below the $37.150 level. The price could plunge to the $36,500 mark or as low as $36,000.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $37,650, followed by $37,150.
Major Resistance Levels – $38,550, $39,550 and $40,000.
