Bitcoin faces resistance at $38,200 to the US Dollar. BTC is still at risk of further downsides, unless the price reaches $39,000.
- Bitcoin faces a significant resistance at the $38,200 to $39,000 levels.
- The stock price currently trades at $38,500.
- The hourly BTC/USD chart shows a significant bearish trendline with resistance close to $38,350 (data feed Kraken).
- To begin a steady rise, the pair must pass both $38,350 & $38,800 resistance levels.
Bitcoin price remains in downtrend
Bitcoin prices attempted to break the $38,800- and $39,000 resistance levels. BTC was unable to overcome the $39,000 resistance and it began a steep decline.
Near $39,170 formed a swing high and prices began a new decline. The price fell below the $38,800 level and 38,000500 levels. Even the bears managed to push the price down below $38,000 and the close was below the simple 100-hour moving average.
The price has corrected its losses and has formed a low near $37.507 A move was seen above the 23.6% Fib level of the decline from the swing high at $39169 to the low at $37,507
Bitcoin’s price currently faces resistance at the $38,350 and 100-hourly simple moving average levels. The hourly BTC/USD price chart shows a significant bearish trendline with resistance close to $38,350. Trend line at 50% Fib is the retracement of recent falls from $37,507 high to $39169 low.
Source: BTCUSD at TradingView.com
Next key resistance may be located near the $38,800 level. An increase in the probability of the price moving above $38,800 could help to boost the odds that the market will move beyond the $39,000 resistance zone.
BTC Losses:
It could fall further if bitcoin does not clear the $38,350 barrier. The $37,700 mark is an immediate support for the downside.
Near the $37.550 mark is the next significant support. Sharp losses could result if the price falls below the $37550 level and the low of the previous week. Below that, the price may plunge to $36,500.
Technical indicators
Hourly MACD – The MACD is slowly 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 – $37,700, followed by $37,550.
Major Resistance Levels – $38,350, $38,800 and $39,000.