Bitcoin worth dived towards the $38,500 assist zone. BTC is trying a restoration wave and may wrestle to climb above the $40,500 resistance.
- Bitcoin worth prolonged its decline and examined the $38,500 assist zone.
- The worth is buying and selling under $40,000 and the 100 hourly Simple shifting common.
- There is a key bearish development line forming with resistance close to $40,450 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may wrestle to recuperate above the $40,000 and $40,500 resistance ranges.
Bitcoin Price Turns Red
Bitcoin worth remained in a bearish zone under the $40,000 assist zone. BTC prolonged its decline and traded under the $49,200 degree. Finally, it examined the $38,500 assist zone, as mentioned in yesterday’s post.
A brand new weekly low was shaped close to $38,518 and the worth is now correcting losses. It is slowly recovering above the $39,000 degree. It cleared the 23.6% Fib retracement degree of the downward transfer from the $42,260 swing excessive to the $38,518 low.
Bitcoin is now buying and selling under $40,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $40,000 degree. The first main resistance is close to the $40,350 degree or the 50% Fib retracement degree of the downward transfer from the $42,260 swing excessive to the $38,518 low.
Source: BTCUSD on TradingView.com
There can also be a key bearish development line forming with resistance close to $40,450 on the hourly chart of the BTC/USD pair. A transparent transfer above the $40,450 resistance may ship the worth towards the $40,850 resistance. The subsequent resistance is now forming close to the $41,250 degree. A detailed above the $41,250 degree may push the worth additional larger. The subsequent main resistance sits at $42,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $40,450 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $39,400 degree.
The subsequent main assist is $39,000. If there’s a shut under $39,000, the worth may acquire bearish momentum. In the acknowledged case, the worth may revisit the $38,500 assist within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $39,400, adopted by $38,500.
Major Resistance Levels – $40,350, $40,450, and $40,850.
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