Bitcoin stopped working to check the $40,000 resistance zone versus the United States Dollar. BTC is now decreasing and may move towards the $36,000 assistance zone.
- Bitcoin began a fresh decrease after it stopped working to clear the $39,250 resistance zone.
- The rate is now trading listed below $38,000 and the 100 per hour easy moving average.
- There was a break listed below a significant bullish pattern line with assistance near $37,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set might continue to decrease towards the $36,000 assistance or perhaps $35,500.
Bitcoin Price Tops Below $40K
Bitcoin rate tried a relocation towards the $40,000 resistance zone. However, BTC stopped working to acquire speed above the $39,250 zone. A high was formed near $39,290 and the rate began a fresh decrease.
There was a clear relocation listed below the $38,000 assistance level and the 100 per hour easy moving average. Besides, there was a break listed below a significant bullish pattern line with assistance near $37,500 on the per hour chart of the BTC/USD set.
The set traded listed below the 76.4% Fib retracement level of the crucial relocation from the $36,665 swing low to $39,290 high. It is now revealing a couple of bearish indications listed below the $37,000 level. On the benefit, a preliminary resistance is near the $37,200 level.
Source: BTCUSD on TradingView.com
The initially significant resistance is near the $37,500 zone. The primary difficulty is now forming near the $38,000 zone and the 100 per hour easy moving average (the current breakdown zone). A clear relocation above the $38,000 resistance might begin a fresh boost. In the specified case, the rate might review the $39,250 level.
More Losses in BTC?
If bitcoin stops working to begin a fresh boost above $38,000, it might continue to move down. An instant assistance on the disadvantage is near the $36,650 zone.
The initially significant assistance is seen near the $36,000 zone. It is near the 1.236 Fib extension level of the crucial relocation from the $36,665 swing low to $39,290 high. Any more losses may require a relocation towards the $35,500 assistance zone in the near term. A drawback break listed below the $35,500 assistance zone might maybe require a drop to $33,200.
Hourly MACD – The MACD is now acquiring momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well listed below the 50 level.
Major Support Levels – $36,000, followed by $35,500.
Major Resistance Levels – $37,500, $38,000 and $39,250.