Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support.
Bitcoin is still facing heavy resistance near the $37,750 resistance.
The price is trading below $37,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if it breaks the $37,150 support.
Bitcoin price made another attempt to surpass the $37,750 resistance. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level.
A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low.
Bitcoin is now trading below $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair.
The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase.
Source: BTCUSD on TradingView.com
The next key resistance could be near $38,500, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.
If Bitcoin fails to rise above the $38,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.
The next major support is $36,700. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $37,150, followed by $36,700.
Major Resistance Levels – $37,750, $38,000, and $38,500.
[#item_full_content]NewsBTCRead MoreYes, you read the title correctly, and it does appears contradictory. As bitcoin (BTC) nears…
Bitcoin (BTC) pared last week’s gains with a price drop from $98,500 to as low…
Howard Lutnick, chairman of Wall Street trading firm Cantor Fitzgerald, is in discussions with Tether's…
Intelligent Alpha construit des portefeuilles en s'appuyant sur des choix d'investissement basés sur l'IA. L’entreprise…
Bitcoin price is consolidating below the $100,000 resistance. BTC bulls might soon attempt to breach…
Bitcoin has surged past the $99,800 mark, setting a new all-time high as it inches…