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Bitcoin Bears Keep Pushing, Why There’s Risk of More Losses

Bitcoin failed once more to clear the $41,500 resistance zone in opposition to the US Dollar. BTC may lengthen losses if there is a transparent transfer under the $39,200 assist zone.

  • Bitcoin made one other try to acquire tempo above the $41,500 stage however failed.
  • The worth is now buying and selling under $41,000 and the 100 hourly easy transferring common.
  • There was a break under a key bullish development line with assist close to $40,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may lengthen decline if there is a every day shut under the $40,000 assist zone.

Bitcoin Price Trims Gains

Bitcoin worth corrected above the $41,000 resistance zone. BTC even cleared the $41,400 stage and tried a transparent transfer above the $41,500 resistance zone.

However, the bears had been energetic close to the $41,500 stage. A excessive was shaped close to $41,548 and the worth began a contemporary decline. There was a transparent transfer under the $41,000 assist zone. The worth declined under the 50% Fib retracement stage of the current enhance from the $39,269 swing low to $41,548 excessive.

Besides, there was a break under a key bullish development line with assist close to $40,400 on the hourly chart of the BTC/USD pair. The pair is now buying and selling under $41,000 and the 100 hourly easy transferring common.

It additionally spiked under the 76.4% Fib retracement stage of the current enhance from the $39,269 swing low to $41,548 excessive. An instant resistance on the upside is close to the $40,200 stage. The subsequent key resistance might be $40,400 and the 100 hourly SMA.

Bitcoin Price

Source: BTCUSD on TradingView.com

If the bulls in a position to clear the $40,400 and $40,500 resistance ranges, the worth may begin a good enhance. In the said case, the worth could maybe rise in direction of the $41,000 resistance zone. Any extra positive aspects may set the tempo for a transfer in direction of the important thing $41,500 stage within the close to time period.

More Losses in BTC?

If bitcoin fails to clear the $40,400 resistance zone, it may begin one other decline. An instant assist on the draw back is close to the $39,650 stage.

The subsequent main assist is seen close to the $39,250 stage. A draw back break under the $39,250 assist zone may speed up losses. In the said case, the worth may decline in direction of the $38,500 stage and even $37,750.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.

Major Support Levels – $39,650, adopted by $39,250.

Major Resistance Levels – $40,400, $41,000 and $41,500.

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