Bitcoin did not break through the $39,000.500 resistance zone to the US Dollar. BTC has started to decline again and now shows bearish signs at $38,000
- Bitcoin struggled to reach the $39,000 threshold and plummeted below $40,000.
- The daily simple moving average is at 100 hours and the price trades below $38,500
- A break was seen below a channel that is key to rising and support at around $38,250 in the hourly chart. (Data feed from Kraken).
- There is still a chance that the pair will fall below $36,300.
The Bitcoin Price Struggle continues
Bitcoin prices began an upward correction higher than the $38,000 resistance. BTC managed to break the $38,500 and 100 hourly simple moving Average resistances.
The price did not gain any strength beyond the $39,000 mark. Even below the $40,000 level, it remained steady. It reached $39,250 at the high point and then began its decline. A sharp drop below the $38,500 mark and the 100 hourly simple moving mean was observed.
A break was also observed below the key channel of rising support, which is located near $38,250 in the hourly chart for the BTC/USD pair. Bitcoin’s price fell below $37,000, and the lowest point was at $36,673.
It’s now consolidating the losses and is facing resistance around $37,280. This resistance level is near the 23.6% Fib Retracement level that marked the decline from $39,250 high to $36,673 lowest. Next is the $38,000 mark.
Source: BTCUSD at TradingView.com
Along with the 100 hourly simple moving mean, the Fib retracement level at 50% of the current decline from the $39250 swing high to the $36,673 lowest is close to $38,000. The price could reach $39,000 if it moves above $38,000. The price should settle at or above $39,500 to gain bullish momentum.
BTC Losses:
It could fall further if bitcoin does not start a wave of recovery above the $37280 resistance zone. A support area for the downside is located near the $36,650 region.
Next major support will be seen at the $36,300 mark. The price could gain bearish momentum to $35,000. If the downside breaks below the $36,300 support level, it might.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $36,300, followed by $35,000.
Major Resistance Levels – $38,000, $38,400 and $39,500.