Bitcoin is going through resistance close to $38,200 in opposition to the US Dollar. BTC stays at a threat of extra downsides except there is a transfer above the $39,000 resistance.
- Bitcoin is going through a serious resistance close to the $38,200 and $39,000 ranges.
- The value is now buying and selling under $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 (information feed from Kraken).
- The pair should clear the $38,350 and $38,800 resistance ranges to begin a gentle enhance.
Bitcoin Price Remains In Downtrend
Bitcoin value tried an upside break above the $38,800 and $39,000 resistance ranges. However, BTC struggled to clear the $39,000 resistance zone and began a contemporary decline.
A swing excessive was shaped close to $39,170 and the value began a contemporary decline. There was a transparent transfer under the $38,800 and $38,500 ranges. The bears even pushed the value under the $38,000 degree and there was an in depth under the 100 hourly easy transferring common.
A low is shaped close to $37,507 and the value is now correcting losses. There was a transfer above the 23.6% Fib retracement degree 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 degree and the 100 hourly easy transferring common. There is additionally 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 degree 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 probabilities 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 transfer down. An quick help on the draw back is close to the $37,700 degree.
The subsequent main help is seen close to the $37,550 degree. A draw back break under the $37,550 help and the current low would possibly set off sharp losses. The subsequent main help is $36,500, under which the value might dive to $35,000.
Technical indicators:
Hourly MACD – The MACD is slowly shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 degree.
Major Support Levels – $37,700, adopted by $37,550.
Major Resistance Levels – $38,350, $38,800 and $39,000.
