Bitcoin is going through resistance close to $38,200 towards the US Dollar. BTC stays at a danger of extra downsides except there’s a transfer above the $39,000 resistance.
- Bitcoin is going through a significant resistance close to the $38,200 and $39,000 ranges.
- The value is now buying and selling beneath $38,500 and the 100 hourly easy transferring common.
- There is a key bearish development line with resistance close to $38,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair should clear the $38,350 and $38,800 resistance ranges to start out a gradual enhance.
Bitcoin Price Remains In Downtrend
Bitcoin value tried an upside break above the $38,800 and $39,000 resistance levels. However, BTC struggled to clear the $39,000 resistance zone and began a recent decline.
A swing excessive was fashioned close to $39,170 and the value began a recent decline. There was a transparent transfer beneath the $38,800 and $38,500 ranges. The bears even pushed the value beneath the $38,000 stage and there was a detailed beneath the 100 hourly simple moving average.
A low is fashioned close to $37,507 and the value is now correcting losses. There was a transfer above the 23.6% Fib retracement stage of the current decline from the $39,169 swing excessive to $37,507 low.
Bitcoin value is now going through resistance close to the $38,350 stage and the 100 hourly easy transferring common. There can be a key bearish development line with resistance close to $38,350 on the hourly chart of the BTC/USD pair. The development line is close to the 50% Fib retracement stage of the current decline from the $39,169 swing excessive to $37,507 low.
Source: BTCUSD on TradingView.com
The subsequent key resistance could possibly be close to the $38,800 zone. A detailed above the $38,800 resistance might enhance the possibilities of a transparent transfer above the $39,000 resistance zone.
More Losses in BTC?
If bitcoin fails to clear the $38,350 resistance zone, it might proceed to maneuver down. An speedy assist on the draw back is close to the $37,700 stage.
The subsequent main assist is seen close to the $37,550 stage. A draw back break beneath the $37,550 assist and the current low would possibly set off sharp losses. The subsequent main assist is $36,500, beneath which the value might dive to $35,000.
Technical indicators:
Hourly MACD – The MACD is slowly dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $37,700, adopted by $37,550.
Major Resistance Levels – $38,350, $38,800 and $39,000.
