Bitcoin was still below $39,000 against US Dollar, and remained bearish. BTC can only rebound if it breaks the $40,000 resistance zone.
- Bitcoin’s bearish sign is below the $40,000 and $39,000 resistance levels.
- The market price trades below $39,000.
- A key triangle pattern is showing resistance of $39,000 at the hourly BTC/USD chart (data feed Kraken).
- A clear move over $39,000 and $45,000 could signal a possible recovery wave.
Bitcoin’s Price is Still in a Bearish Zone
Bitcoin’s price fell below the $40,000 pivot point and the $100 hourly simple moving mean. BTC also broke through the $38,000 resistance level to trade as low at $37,159.
The $37,000 support zone was protected by the bulls. Now, it is recovering its losses and trading higher than $37,000. The price moved above the $38,000 resistance level. Now, the price tests the 50% Fib level of the decline from the $37,159 high and $39,545 swing low.
The upside is that bitcoin prices could encounter resistance around the $38,800 threshold. The bitcoin price is near the fib retracement level at 61.8% of the decline from the $37,159 high to $39,545 low.
Source: BTCUSD at TradingView.com
On the hourly chart for the BTC/USD pair, there is a triangle key pattern with resistance close to $39,000. Next is the $39,000.00 level. The 100-hourly moving average will be the resistance. If the price moves clear above the $39,000.200 level, it could be possible to test the $40,000. If the close is above $40,000, it could open the doors to more upsides.
BTC: More losses
Bitcoin could move lower if it fails to break the $39,000.00 resistance zone. A support area near $38,000 provides immediate support for the downside.
Near the $37,000.00 level is the next support. A downside breakout below the support level of $37,200 could cause a further decline. The price could move to the $35,000.
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 near the 50 level.
Major Support Levels – $38,000, followed by $37,200.
Major Resistance Levels – $38,800, $39,200 and $40,000.
