Bitcoin lost $39,500 above its peak and fell against the US dollar. BTC is still at risk and may even reach $35,000.
- Bitcoin was unable to overcome the $39,000.500 and $40,000 resistance levels.
- The daily simple moving average is at the hourly low of $38,000, and it’s trading lower than that price.
- On the hourly chart for the BTC/USD pair, there is a significant bearish trendline with resistance close to $38,850 (datafeed from Kraken).
- This pair might see losses of below $36,000 in the immediate future.
Bitcoin price remains at risk
Bitcoin prices attempted to correct their downward trend above $38,800 resistance. BTC was unable to recover from the $39500 and $40,000 resistance levels.
The price reached a high of $39,490 before it began a new decline. The price fell below the $38,800 level, and was well below $38,000. The market traded lower than the $37,000 and 100 hourly simple moving levels.
The low point is located at $36,782. Bitcoin is currently consolidating losses. The initial resistance for bitcoin is at the $37.420 level. The Fib level at 23.6% is close to the $37,420 resistance. This level corresponds with the decline in the price from $39,490 high to $36,782 low.
Next is the $38,200 area. Also, the 38,000 zone is near the 50% Fib level. This is where the last decline of $39,000.90 from the swing high to low was. On the hourly charts of BTC/USD, there’s a bearish trendline that forms with resistance close to $38,850.
Source: BTCUSD at TradingView.com
If the trend line resistance is broken, the price could rise to $39,000. The 100-hourly moving average and $39,400 would be the next targets. The price should settle at or above $40,000 to move into a positive zone.
BTC Losses:
Bitcoin could move lower if it fails to recover from the collapse above $38,850 resistance. A support zone near $36,800 is the immediate area of concern for bitcoin’s downside.
Near the $36,000500 support zone, you will find the next significant support. A downside breakout below the $36,500 level could lead to bearish momentum and a possible move up to $35,000.
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 well above the 50 level.
Major Support Levels – $36,800, followed by $36,500.
Major Resistance Levels – $38,200, $38,500 and $39,500.
