Bitcoin value failed once more to clear the $38,500 resistance zone. BTC is consolidating above the 100 hourly SMA and would possibly try one other enhance.
- Bitcoin remains to be going through heavy resistance close to the $38,500 zone.
- The value is buying and selling above $37,400 and the 100 hourly Simple transferring common.
- There is a key bullish development line forming with assist close to $37,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might make one other try to clear the $38,500 resistance except it breaks under $37,350.
Bitcoin Price Holds Support
Bitcoin value remained well-bid above the $37,500 assist zone. BTC climbed larger above the $38,000 stage and made one other try to clear the $38,400 resistance zone.
However, the bulls failed to achieve energy and the worth peaked close to $38,400. It is once more correcting positive aspects and buying and selling under the 23.6% Fib retracement stage of the upward transfer from the $36,721 swing low to the $38,390 excessive.
Bitcoin is now buying and selling above $37,400 and the 100 hourly Simple moving average. There can also be a key bullish development line forming with assist close to $37,350 on the hourly chart of the BTC/USD pair.
On the upside, speedy resistance is close to the $38,200 stage. The first main resistance is forming close to $38,400. The fundamental resistance remains to be close to the $38,500 stage. A detailed above the $38,500 resistance would possibly begin a contemporary rally.
Source: BTCUSD on TradingView.com
The subsequent key resistance might be close to $39,200, above which BTC might climb towards the $39,500 stage. Any extra positive aspects would possibly ship BTC towards the $40,000 resistance.
More Losses In BTC?
If Bitcoin fails to rise above the $38,400 resistance zone, it might begin one other decline. Immediate assist on the draw back is close to the $37,550 stage or the 50% Fib retracement stage of the upward transfer from the $36,721 swing low to the $38,390 excessive.
The subsequent main assist is close to $37,350 and the development line. If there’s a transfer under $37,350, there’s a danger of extra downsides. In the said case, the worth might decline towards the $36,720 assist within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.
Major Support Levels – $37,550, adopted by $37,350.
Major Resistance Levels – $38,400, $38,500, and $39,200.
