More

    Bitcoin Continues To Struggle, Why BTC Might Start Fresh Increase

    Bitcoin price extended its decline below the $38,000 support zone against the US Dollar. BTC is now showing signs of an upside correction as long as it is above $38,000.

    Bitcoin extended its decline below the $39,000 and $38,000 support levels.
    The price is now trading well below $39,000 and the 100 hourly simple moving average.
    There was a break above a crucial bearish trend line with resistance near $38,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could start a decent increase as long as there is no daily close below $38,000.

    Bitcoin Price is Consolidating
    Bitcoin price extended its decline below the $39,200 and $39,000 support levels. BTC even broke the $38,500 level to move further into a bearish zone.
    The price spiked below the $38,000 support level and it settled well below the 100 hourly simple moving average. A low is formed near $37,660 and the price is now attempting an upside correction. There was a break above the $38,000 level.
    Besides, there was a break above a crucial bearish trend line with resistance near $38,200 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance near the $38,800 level.

    Source: BTCUSD on TradingView.com
    It is close to the 23.6% Fib retracement level of the key drop from the $42,630 swing high to $37,660 low. The next major resistance is near the $39,500 level. The main resistance is now forming near the $40,000 level and the 100 hourly simple moving average.
    It is near the 50% Fib retracement level of the key drop from the $42,630 swing high to $37,660 low. If there is an upside break above $38,800 and $40,000, bitcoin could gain traction. The next major resistance on the upside is near the $41,450 zone.
    More Losses in BTC?
    If bitcoin fails to climb above the $38,800 and $40,000 resistance levels, it could continue to move down. An initial support on the downside is near the $38,000 level.
    The first major support is now near the $37,800 zone. A clear downside break below the $37,800 support might call for more losses. The next major support is near the $37,000 zone.
    Technical indicators:
    Hourly MACD – The MACD is slowly losing pace in the bearish zone.
    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level.
    Major Support Levels – $38,000, followed by $37,000.
    Major Resistance Levels – $38,880, $39,500 and $40,000.

    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) $ 47,436.00
    ethereum
    Ethereum (ETH) $ 3,416.74
    cardano
    Cardano (ADA) $ 2.36
    tether
    Tether (USDT) $ 1.01
    binance-coin
    Binance Coin (BNB) $ 411.00
    xrp
    XRP (XRP) $ 1.08
    solana
    Solana (SOL) $ 142.02
    polkadot
    Polkadot (DOT) $ 33.75
    dogecoin
    Dogecoin (DOGE) $ 0.242614
    usd-coin
    USD Coin (USDC) $ 1.01
    avalanche-2
    Avalanche (AVAX) $ 65.34
    terra-luna
    Terra (LUNA) $ 35.34
    binance-usd
    Binance USD (BUSD) $ 1.01
    chainlink
    Chainlink (LINK) $ 28.23
    uniswap
    Uniswap (UNI) $ 24.59
    litecoin
    Litecoin (LTC) $ 181.71
    bitcoin-cash
    Bitcoin Cash (BCH) $ 625.75
    algorand
    Algorand (ALGO) $ 1.96
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 47,335.00
    cosmos
    Cosmos (ATOM) $ 34.16
    filecoin
    Filecoin (FIL) $ 85.53
    internet-computer
    Internet Computer (ICP) $ 56.22
    matic-network
    Polygon (MATIC) $ 1.35
    stellar
    Stellar (XLM) $ 0.322151
    tron
    TRON (TRX) $ 0.105980
    ftx-token
    FTX Token (FTT) $ 62.94
    vechain
    VeChain (VET) $ 0.113123
    ethereum-classic
    Ethereum Classic (ETC) $ 57.08
    dai
    Dai (DAI) $ 1.01
    theta-token
    Theta Network (THETA) $ 6.35
    compound-ether
    cETH (CETH) $ 68.36
    tezos
    Tezos (XTZ) $ 6.23
    eos
    EOS (EOS) $ 5.37
    okb
    OKB (OKB) $ 18.70
    pancakeswap-token
    PancakeSwap (CAKE) $ 21.65
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.189776
    elrond-erd-2
    Elrond (EGLD) $ 244.03
    aave
    Aave (AAVE) $ 364.83
    monero
    Monero (XMR) $ 262.00
    quant-network
    Quant (QNT) $ 351.81
    cdai
    cDAI (CDAI) $ 0.021792
    iota
    IOTA (MIOTA) $ 1.66
    bitcoin-cash-abc-2
    Bitcoin Cash ABC (BCHA) $ 238.45
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022358
    ecash
    eCash (XEC) $ 0.000234
    staked-ether
    Lido Staked Ether (STETH) $ 3,377.11
    shiba-inu
    Shiba Inu (SHIB) $ 0.000008
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.431263
    the-graph
    The Graph (GRT) $ 0.823496
    near
    Near (NEAR) $ 8.33