Bitcoin experienced bearish momentum, falling below $40,000 in comparison to the US Dollar. BTC may recover if it can rise above $40,000 pivot.
- Bitcoin was in a bearish area and continued to decline below $40,000.
- The 100-hourly moving average and price are now below $40,000
- On the hourly chart for the BTC/USD pair, there is a strong bearish trend line with resistance at $39,000. (Data feed from Kraken).
- A move of more than $40,000. could see the couple start a recovery.
Bitcoin Price Gains Bearish Pace
Bitcoin prices struggled to rise above $43,500. BTC began a new decline, trading below the $42,000 support.
The price fell below $41,000 as the bears took over. Also, the price fell below $40,000 and the 100 hourly moving average. The current consolidation of losses is taking place as the price fell to $39,240.
Near the $39,000.00 level, there is immediate resistance to the upside. A steep bearish trendline is also visible on the hourly charts of BTC/USD pairs. It has resistance close to $39,700.
Near the $40,000 mark, there is an initial major resistance. Next resistance is possible to be at $40,200. This is near the 23.6% Fib Retracement level that marked the decline from the $43,415 high and the $39,240 low. An obvious move higher than the $40,000 or $40,200 levels may signal a near-term recovery wave.
Source: BTCUSD at TradingView.com
If the case is true, then the price might rise toward the $41,350 resistance level. This price is now close to 50% Fib Retracement of the recent fall from the $43,415 swing low from the $39.240 high.
BTC Losses:
Bitcoin could move lower if it fails to break the $40,000 resistance level. Support for the downside lies near $39250.
Near the $38,880 support level is the next major support. Selling pressure could be increased if the price falls below the support level of $38,880. The price may fall to $37,500 in this scenario.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.
Major Support Levels – $39,250, followed by $38,880.
Major Resistance Levels – $39,700, $40,000 and $40,200.
