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TA: Bitcoin Turns Red, Here’s Why BTC Could Resume Its Decline

TA: Bitcoin Turns Red, Here’s Why BTC Could Resume Its Decline

Bitcoin price started a fresh decline after it failed to clear $38,000 against the US Dollar. BTC is now struggling below $36,500 and it remains at a risk of more losses.

  • Bitcoin started a fresh decline from well above the $38,000 support level.
  • The price is now trading well below $37,000 and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower if it fails to clear the $36,200 and $36,500 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin failed to continue higher above the $38,000 resistance and started a fresh decline. BTC broke the $36,500 and $35,500 support levels to move into a bearish zone.

The price even broke the $34,000 support level and settled well below the 100 hourly simple moving average. It traded as low as $33,373 and it recently started an upside correction. Bitcoin was able to recover above the $34,000 and $35,000 resistance levels.

There was also a break above the 50% Fib retracement level of the recent decline from the $36,463 swing high to $33,373 low. However, the price is facing a major resistance near the $36,000 zone.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

It is still trading well below $37,000 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the recent decline from the $36,463 swing high to $33,373 low is currently acting as a resistance. Besides, there is a crucial bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair.

To move into a positive zone, the price must clear the trend line resistance, $36,500 and the 100 hourly SMA. The next major resistance on the upside sits at $38,000.

More Losses in BTC?

If bitcoin fails to clear the trend line resistance and $36,500, it could continue to move down. An immediate support on the downside is near the $35,000 level.

The next major support is near the $34,000 level. A downside break below $34,000 could push the price to $33,000. Any more losses could open the doors for a move towards the $32,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to stay above the 50 level.

Major Support Levels – $35,000, followed by $34,000.

Major Resistance Levels – $36,200, $36,500 and $38,000.

Source

TA: Bitcoin Trims Gains, What Could Trigger Fresh Drop To $35K

TA: Bitcoin Trims Gains, What Could Trigger Fresh Drop To $35K

Bitcoin price started a fresh decline after it failed to stay above $40,000 against the US Dollar. BTC is moving lower and it could even decline towards $35,000 in the near term.

  • Bitcoin started a fresh decline from well above the $40,000 pivot level.
  • The price is now trading well below $39,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower if it fails to stay above the $37,200 support zone.

Bitcoin Price Extends Decline

Bitcoin failed to stay above the key $40,000 support zone and started a fresh decline. BTC broke the $39,500 and $38,500 support levels to move into a short-term bearish zone.

The price traded below the 50% Fib retracement level of the upward move from the $34,822 swing low to $41,380 swing high. It is now trading well below $39,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair.

An immediate support on the downside is near the $37,200 level. It is near the 61.8% Fib retracement level of the upward move from the $34,822 swing low to $41,380 swing high.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a downside break below the $37,200 support, the price may even struggle to stay above the $36,500 support. Any more losses could open the doors for a move towards the $35,000 support zone in the near term.

Fresh Increase in BTC?

If bitcoin stays above the $37,200 support, it could start a fresh increase. An initial resistance on the upside is near the $38,200 level.

The first major resistance is near the $38,500 level and the bearish trend line. A successful break above the trend line could lead the price towards the $39,500 resistance zone and the 100 hourly SMA. A close above the 100 hourly SMA is must for a fresh increase above the $40,000 resistance zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

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

Major Support Levels – $37,200, followed by $36,500.

Major Resistance Levels – $38,200, $38,500 and $40,000.

Source

TA: Bitcoin Dips From $40K, Here’s Why Uptrend Is Still Intact In BTC

TA: Bitcoin Dips From $40K, Here’s Why Uptrend Is Still Intact In BTC

Bitcoin price started a downside correction from well above $40,000 against the US Dollar. BTC is now trading near a major support at $38,000, where the bulls are currently active.

  • Bitcoin started a downside correction after it failed to stay above $40,000.
  • The price is currently just below $39,000 and the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a fresh increase unless there is a close below the $38,000 support=.

Bitcoin Price Revisits Key Support

Bitcoin topped near the $41,350 before it started a downside correction. BTC consolidated above $40,000 for some time before the bulls failed to protect the mentioned support zone.

The price declined below the $40,000 and $39,500 support levels. There was also a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair. The pair even broke the $38,500 support level and the 100 hourly simple moving average.

However, the bulls are protecting the $38,000 support zone (the last breakout zone). The price is now consolidating above the $38,000 level. It is also just below $39,000 and the 100 hourly simple moving average. The 23.6% Fib retracement level of the recent decline from the $41,350 swing high to $38,154 low is also near the 100 hourly SMA.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $39,750 level. It is close to the 50% Fib retracement level of the recent decline from the $41,350 swing high to $38,154 low.

The main resistance is now forming near the $40,000 zone. A clear upside break above the $40,000 zone is likely to set the pace for a fresh rally in the near term.

More Losses in BTC?

If bitcoin fails to clear the $39,750 resistance and $40,000, it could extend its decline. An initial support on the downside is near the $38,150 level.

The first major support is near the $38,000 level. A downside break below the recent low and the $38,000 level could open the doors for a larger decline towards $36,500.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

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

Major Support Levels – $38,150, followed by $38,000.

Major Resistance Levels – $39,500, $39,750 and $40,000.

Source

TA: Bitcoin Consolidates Above Support, Here’s What Could Trigger Fresh Rally

TA: Bitcoin Consolidates Above Support, Here’s What Could Trigger Fresh Rally

Bitcoin price is trading in a positive zone above the $40,000 level against the US Dollar. BTC is likely to start a fresh rally if it clears the $41,200 resistance zone.

  • Bitcoin remained in a positive zone above the $39,000 and $40,000 levels.
  • The price is currently well above $39,000 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a fresh rally once it clears $40,650 and $41,200.

Bitcoin Price Remains Elevated

Bitcoin started a fresh increase after it broke the key $38,500 resistance zone. BTC even climbed above the $40,000 resistance zone and it settled well above the 100 hourly simple moving average.

However, the price seems to be struggling above the $41,000 level. There were two attempts to gain strength above $41,000, but the bulls failed. The recent high was formed near $41,384 before the price corrected lower. It dipped below $40,500, but the bulls were active near $39,500.

A low is formed near $39,476 and the price is now consolidating in a range. It is trading above the 23.6% Fib retracement level of the recent decline from the $41,384 high to $39,476 low.

On the upside, an immediate resistance is forming near the $40,450 level. It is near the 50% Fib retracement level of the recent decline from the $41,384 high to $39,476 low. The first major resistance is near the $40,650 level. There is also a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear upside break above the triangle resistance could spark bullish moves. The next resistance is near the $41,200 level. A close above $41,200 level is likely to stage a move towards the $43,500 level.

Dips Limited in BTC?

If bitcoin fails to clear the $41,200 resistance, it could start a downside correction. An initial support on the downside is near the $40,000 level.

The first major support is near the $39,80 level and the triangle lower trend line. A downside break below the triangle support could push the price towards the $38,500 support level and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is likely to move back into the bullish zone.

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

Major Support Levels – $39,800, followed by $38,500.

Major Resistance Levels – $40,650, $41,200 and $43,500.

Source