BTC / USD
66,921.67
6.88%
(+4309.66)
ETH / USD
3,549.32
2.48%
(+85.96)
XRP / USD
0.65
4.29%
(+0.03)
LTC / USD
89.07
2.42%
(-2.21)
EOS / USD
1.08
1.86%
(+0.02)
BCH / USD
462.70
1.59%
(-7.47)
ADA / USD
0.77
5.41%
(+0.04)
XLM / USD
0.15
9.81%
(+0.01)
NEO / USD
17.75
9.33%
(+1.51)
XEM / USD
0.05
5.52%
(0)
DASH / USD
39.33
3.14%
(+1.2)
USDT / USD
1.00
0.03%
(0)
BNB / USD
415.24
0.13%
(+0.55)
QTUM / USD
5.27
26.22%
(+1.09)
XVG / USD
0.01
0.88%
(-0)
ONT / USD
0.32
4.23%
(+0.01)
ZEC / USD
32.14
0.73%
(+0.23)
STEEM / USD
0.30
3.95%
(+0.01)

Bitcoin Resumes Decline, Why Bulls Might Struggle In Near-term

0

Bitcoin failed to test the $40,000 resistance zone against the US Dollar. BTC is now declining and might slide towards the $36,000 support zone.

  • Bitcoin started a fresh decline after it failed to clear the $39,250 resistance zone.
  • The price is now trading below $38,000 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to decline towards the $36,000 support or even $35,500.

Bitcoin Price Tops Below $40K

Bitcoin price attempted a move towards the $40,000 resistance zone. However, BTC failed to gain pace above the $39,250 zone. A high was formed near $39,290 and the price started a fresh decline.

There was a clear move below the $38,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC/USD pair.

The pair traded below the 76.4% Fib retracement level of the key move from the $36,665 swing low to $39,290 high. It is now showing a few bearish signs below the $37,000 level. On the upside, an initial resistance is near the $37,200 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $37,500 zone. The main hurdle is now forming near the $38,000 zone and the 100 hourly simple moving average (the recent breakdown zone). A clear move above the $38,000 resistance could start a fresh increase. In the stated case, the price could revisit the $39,250 level.

More Losses in BTC?

If bitcoin fails to start a fresh increase above $38,000, it could continue to move down. An immediate support on the downside is near the $36,650 zone.

The first major support is seen near the $36,000 zone. It is near the 1.236 Fib extension level of the key move from the $36,665 swing low to $39,290 high. Any more losses might call for a move towards the $35,500 support zone in the near term. A downside break below the $35,500 support zone may perhaps call for a drop to $33,200.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.

Major Support Levels – $36,000, followed by $35,500.

Major Resistance Levels – $37,500, $38,000 and $39,250.

Leave A Reply

Your email address will not be published.