Bitcoin Price Technical Indicators Suggest Break Below $37K

Bitcoin is dealing with resistance close to $38,200 towards the US Greenback. BTC stays at a danger of extra downsides until there’s a transfer above the $39,000 resistance.

  • Bitcoin is dealing with a significant resistance close to the $38,200 and $39,000 ranges.
  • The worth is now buying and selling under $38,500 and the 100 hourly easy transferring common.
  • There’s a key bearish pattern line with resistance close to $38,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair should clear the $38,350 and $38,800 resistance ranges to start out a gradual improve.

Bitcoin Value Stays In Downtrend

Bitcoin value tried an upside break above the $38,800 and $39,000 resistance ranges. Nevertheless, BTC struggled to clear the $39,000 resistance zone and began a recent decline.

A swing excessive was fashioned close to $39,170 and the value began a recent decline. There was a transparent transfer under the $38,800 and $38,500 ranges. The bears even pushed the value under the $38,000 degree and there was a detailed under the 100 hourly easy transferring common.

A low is fashioned close to $37,507 and the value is now correcting losses. There was a transfer above the 23.6% Fib retracement degree of the current decline from the $39,169 swing excessive to $37,507 low.

Bitcoin value is now dealing with resistance close to the $38,350 degree and the 100 hourly easy transferring common. There may be additionally a key bearish pattern line with resistance close to $38,350 on the hourly chart of the BTC/USD pair. The pattern line is close to the 50% Fib retracement degree of the current decline from the $39,169 swing excessive to $37,507 low.

Supply: BTCUSD on TradingView.com

The subsequent key resistance may very well be close to the $38,800 zone. A detailed above the $38,800 resistance may improve the probabilities of a transparent transfer above the $39,000 resistance zone.

Extra Losses in BTC?

If bitcoin fails to clear the $38,350 resistance zone, it may proceed to maneuver down. A right away help on the draw back is close to the $37,700 degree.

The subsequent main help is seen close to the $37,550 degree. A draw back break under the $37,550 help and the current low would possibly set off sharp losses. The subsequent main help is $36,500, under which the value may dive to $35,000.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 degree.

Main Help Ranges – $37,700, adopted by $37,550.

Main Resistance Ranges – $38,350, $38,800 and $39,000.

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