Bitcoin worth did not clear the important thing $40,000 resistance zone towards the US Dollar. BTC is correcting good points and it stays at a danger of extra losses in the direction of $36,000 or $34,000.
- Bitcoin is struggling to clear the $40,000 and $40,500 resistance ranges.
- The worth is presently holding the $37,000 help and the 100 hourly easy shifting common.
- There was a break under a short-term contracting triangle with help close to $38,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is prone to speed up decrease if it breaks the $37,000 help and the 100 hourly SMA.
Bitcoin Price Struggles Below $40Okay
Bitcoin broke the $40,000 resistance and prolonged its restoration wave. BTC even cleared the $40,500 degree and settled properly above the 100 hourly easy shifting common.
However, the bulls failed to achieve energy above $40,500. A excessive was shaped close to $40,923 and the worth corrected decrease. There was a break under the $40,000 help degree. Moreover, there was a break under a short-term contracting triangle with help close to $38,400 on the hourly chart of the BTC/USD pair.
The pair gained tempo under the 50% Fib retracement degree of the upward transfer from the $36,472 low to $40,923 excessive. Bitcoin is presently holding the $37,000 help and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
The 76.4% Fib retracement degree of the upward transfer from the $36,472 low to $40,923 excessive can also be appearing as a help zone. On the upside, an instantaneous resistance is close to the damaged triangle help at $38,500. The first main resistance is close to the $39,500 degree. The major resistance remains to be close to the $40,000 zone. A correct shut above the $40,000 resistance zone might begin a robust enhance.
More Losses in BTC?
If bitcoin fails to clear the $39,500 resistance, there’s a danger of extra downsides. An preliminary help on the draw back is close to the $37,000 degree.
The first main help is close to the $36,000 pivot degree. If there’s a draw back break under the $36,000 help, the worth might decline in the direction of the $34,000 help zone within the close to time period.
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 degree.
Major Support Levels – $37,500, adopted by $36,000.
Major Resistance Levels – $38,500, $39,500 and $40,000.
