Bitcoin stopped working to recuperate above $39,500 and decreased versus the United States Dollar. BTC stays at a threat of more losses and might even check $35,000.
- Bitcoin had a hard time to recuperate above the $39,500 and $40,000 resistance levels.
- The rate is trading listed below $38,000 and the 100 per hour easy moving average.
- There is a significant bearish pattern line forming with resistance near $38,850 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set might extend losses listed below the $36,000 level in the near term.
Bitcoin Price Remains At Risk
Bitcoin rate tried an upside correction above the $38,800 resistance level. However, BTC had a hard time to recuperate above the $39,500 and $40,000 resistance levels.
A high was formed near $39,490 and the rate began a fresh decrease. There was a clear relocation listed below the $38,800 and $38,000 assistance levels. The rate traded listed below the $37,000 level and the 100 per hour easy moving average.
A low is formed near $36,782 and bitcoin is now combining losses. On the benefit, a preliminary resistance is near the $37,420. It is near the 23.6% Fib retracement level of the current decrease from the $39,490 swing high to $36,782 low.
The next essential resistance is near the $38,200 level. The 50% Fib retracement level of the current decrease from the $39,490 swing high to $36,782 low is likewise near the $38,200 zone. More significantly, there is a significant bearish pattern line forming with resistance near $38,850 on the per hour chart of the BTC/USD set.
Source: BTCUSD on TradingView.com
A clear relocation above the pattern line resistance might send out the rate to $39,400 and the 100 per hour easy moving average. To move into a favorable zone, the rate needs to settle above the $40,000 level.
More Losses in BTC?
If bitcoin stops working to begin a healing wave above the $38,850 resistance zone, it might continue to move down. An instant assistance on the disadvantage is near the $36,800 zone.
The next significant assistance is seen near the $36,500 level. If there is a disadvantage break listed below the $36,500 assistance zone, the rate may get bearish momentum for a transfer to $35,000.
Hourly MACD – The MACD is now acquiring speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major Support Levels – $36,800, followed by $36,500.
Major Resistance Levels – $38,200, $38,500 and $39,500.