More

    Bitcoin Remains At Risk, Why BTC Could Nosedive Below $38K

    Bitcoin price struggled to recover above $40,000 and extended its decline against the US Dollar. BTC could dive below $38,500 if it continues to stay below $40,000.

    Bitcoin extended its decline below the $40,000 and $39,200 support levels.
    The price is now trading well below $40,000 and the 100 hourly simple moving average.
    There is a major bearish trend line forming with resistance near $39,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair must break $39,250 and $40,000 to start a fresh increase in the near term.

    Bitcoin Price is Struggling
    Bitcoin price started a fresh decline from well above $42,000 level. BTC broke the key $40,500 support level to move into a short-term bearish zone.
    The price even settled below the $40,000 level and the 100 hourly simple moving average. It even broke the $39,200 support zone and traded as low as $38,711. The price is now consolidating gains above the $38,700 level.
    An initial resistance is near the $39,250 level. There is also a major bearish trend line forming with resistance near $39,250 on the hourly chart of the BTC/USD pair. The first major resistance is near the $39,600 level. It is close to the 23.6% Fib retracement level of the recent decline from the $42,630 swing high to $38,711 low.

    Source: BTCUSD on TradingView.com
    The main resistance is now forming near the $40,500 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $42,630 swing high to $38,711 low.
    If there is an upside break above the trend line and then $40,000, bitcoin could rise towards $40,500. The next major resistance on the upside is near the $41,200 zone.
    More Losses in BTC?
    If bitcoin fails to climb above the $39,250 and $40,500 resistance levels, it could continue to move down. An initial support on the downside is near the $38,700 level.
    The first major support is now near the $38,500 zone. A clear downside break below the $38,500 support might encourage the bears for more losses. The next major support is near the $37,000 zone.
    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 well below the 50 level.
    Major Support Levels – $38,500, followed by $37,000.
    Major Resistance Levels – $39,250, $40,000 and $40,500.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 47,403.00
    ethereum
    Ethereum (ETH) $ 3,423.92
    cardano
    Cardano (ADA) $ 2.36
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 411.76
    xrp
    XRP (XRP) $ 1.07
    solana
    Solana (SOL) $ 140.85
    polkadot
    Polkadot (DOT) $ 33.81
    dogecoin
    Dogecoin (DOGE) $ 0.241604
    usd-coin
    USD Coin (USDC) $ 1.00
    avalanche-2
    Avalanche (AVAX) $ 64.75
    terra-luna
    Terra (LUNA) $ 34.98
    chainlink
    Chainlink (LINK) $ 28.30
    uniswap
    Uniswap (UNI) $ 24.68
    binance-usd
    Binance USD (BUSD) $ 1.00
    litecoin
    Litecoin (LTC) $ 180.80
    bitcoin-cash
    Bitcoin Cash (BCH) $ 625.18
    algorand
    Algorand (ALGO) $ 1.94
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 47,404.00
    cosmos
    Cosmos (ATOM) $ 33.70
    internet-computer
    Internet Computer (ICP) $ 56.09
    matic-network
    Polygon (MATIC) $ 1.36
    filecoin
    Filecoin (FIL) $ 83.92
    stellar
    Stellar (XLM) $ 0.321004
    ftx-token
    FTX Token (FTT) $ 62.90
    tron
    TRON (TRX) $ 0.105843
    vechain
    VeChain (VET) $ 0.113265
    ethereum-classic
    Ethereum Classic (ETC) $ 56.90
    theta-token
    Theta Network (THETA) $ 6.34
    dai
    Dai (DAI) $ 0.999909
    compound-ether
    cETH (CETH) $ 68.58
    tezos
    Tezos (XTZ) $ 6.26
    eos
    EOS (EOS) $ 5.35
    okb
    OKB (OKB) $ 18.63
    elrond-erd-2
    Elrond (EGLD) $ 247.01
    pancakeswap-token
    PancakeSwap (CAKE) $ 21.69
    aave
    Aave (AAVE) $ 364.43
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.190087
    monero
    Monero (XMR) $ 262.06
    quant-network
    Quant (QNT) $ 353.04
    iota
    IOTA (MIOTA) $ 1.68
    cdai
    cDAI (CDAI) $ 0.021633
    bitcoin-cash-abc-2
    Bitcoin Cash ABC (BCHA) $ 239.54
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022189
    ecash
    eCash (XEC) $ 0.000235
    staked-ether
    Lido Staked Ether (STETH) $ 3,406.65
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.433021
    shiba-inu
    Shiba Inu (SHIB) $ 0.000008
    the-graph
    The Graph (GRT) $ 0.819351
    near
    Near (NEAR) $ 8.33