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Bitcoin Turns Red, Why BTC Could Dive Below $39K

Bitcoin began one other decline beneath the $40,000 stage in opposition to the US Dollar. BTC might prolong losses if it stays beneath the $40,000 resistance zone.

  • Bitcoin began one other decline after it failed to clear the $40,000 resistance zone.
  • The value is now buying and selling beneath $39,500 and the 100 hourly easy transferring common.
  • There is a key bearish pattern line forming with resistance close to $39,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin a serious decline if there is an in depth beneath the $38,800 stage.

Bitcoin Price Gains Bearish Momentum

Bitcoin value settled beneath the $40,500 stage to transfer right into a bearish zone. BTC traded beneath the $40,000 help stage and settled beneath the 100 hourly easy transferring common to transfer right into a bearish zone.

The value even traded beneath the $39,200 help stage. A low is fashioned close to $38,700 and the value is now consolidating losses. An quick resistance on the upside is close to the $39,500 stage. There is additionally a key bearish pattern line forming with resistance close to $39,500 on the hourly chart of the BTC/USD pair.

The subsequent key resistance might be $39,700 or the 23.6% Fib retracement stage of the current decline from the $42,950 swing excessive to $38,700 low.

The first main resistance is now forming close to the $40,000 stage. The predominant resistance sits close to $40,500 and the 100 hourly easy transferring common. To begin a powerful upward transfer, the value should settle above the $40,500 zone and the 100 hourly easy transferring common.

Bitcoin Price

Source: BTCUSD on TradingView.com

In the said case, the value might even surpass the 50% Fib retracement stage of the current decline from the $42,950 swing excessive to $38,700 low.

More Losses in BTC?

If bitcoin fails to clear the $40,000 resistance zone, it might proceed to transfer down. An quick help on the draw back is close to the $39,000 stage.

The subsequent main help is seen close to the $38,800 stage. A draw back break beneath the $38,800 zone might ship the value in the direction of the $37,500 help zone.

Technical indicators:

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

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

Major Support Levels – $39,000, adopted by $38,800.

Major Resistance Levels – $39,500, $39,800 and $40,000.

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