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Bitcoin Holds Uptrend Support, What Could Trigger Sharp Decline

Aayush Jindal by Aayush Jindal
March 18, 2022
Reading Time: 2 mins read
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Bitcoin Holds Uptrend Support, What Could Trigger Sharp Decline


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Bitcoin began a fresh boost above the $41,000 resistance versus the United States Dollar. BTC is having a hard time near $41,500, however it is still above the $40,000 assistance.

  • Bitcoin is trading well above the $40,000 assistance zone.
  • The rate is trading above $39,800 and the 100 per hour easy moving average.
  • There is a crucial bullish pattern line forming with assistance near $40,050 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set might begin a sharp decrease if there is a clear relocation listed below the $39,000 assistance.

Bitcoin Price Remains Supported

Bitcoin rate stayed listed below the $41,500 resistance level. BTC formed a high near $41,470 and is presently moving lower. There was a decrease listed below the $41,000 level.

The rate likewise traded listed below the 23.6% Fib retracement level of the upward relocation from the $39,311 swing low to $41,470 high. However, the rate is still trading well above $39,800 and the 100 per hour easy moving average.

It is trading near the 50% Fib retracement level of the upward relocation from the $39,311 swing low to $41,470 high. There is likewise a crucial bullish pattern line forming with assistance near $40,050 on the per hour chart of the BTC/USD set.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the benefit, the rate is dealing with resistance near the $41,000 level. The next significant resistance might be near the current high or $41,500. An effective break and close above the $41,500 level may begin a constant boost. In the mentioned case, the rate may increase towards the $42,000 level. Any more gains may send out the rate towards the $42,500 level in the near term.

Downside Break in BTC?

If bitcoin stops working to clear the $41,500 resistance zone, it might continue to move down. An instant assistance on the disadvantage is near the $40,350 zone.

The next significant assistance is seen near the $40,000 level and the pattern line. The primary assistance is still near the $39,000 zone and the 100 per hour easy moving average. A disadvantage break listed below the $39,000 assistance zone might begin a sharp decrease. In this case, the rate might possibly decrease towards the $37,500 level.

Technical signs:

Hourly MACD – The MACD is now getting speed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now listed below the 50 level.

Major Support Levels – $40,000, followed by $39,000.

Major Resistance Levels – $41,000, $41,500 and $42,500.



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Aayush Jindal

Aayush Jindal

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