TA: Bitcoin Price Technical Indicators Suggest Break Below $37K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is facing resistance near $38,200 against the US Dollar. BTC remains at a risk of more downsides unless there is a move above the $39,000 resistance.

Bitcoin is facing a major resistance near the $38,200 and $39,000 levels.
The price is now trading below $38,500 and the 100 hourly simple moving average.
There is a key bearish trend line with resistance near $38,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $38,350 and $38,800 resistance levels to start a steady increase.

Bitcoin Price Remains In Downtrend

Bitcoin price attempted an upside break above the $38,800 and $39,000 resistance levels. However, BTC struggled to clear the $39,000 resistance zone and started a fresh decline. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

A swing high was formed near $39,170 and the price started a fresh decline. There was a clear move below the $38,800 and $38,500 levels. The bears even pushed the price below the $38,000 level and there was a close below the 100 hourly simple moving average.

A low is formed near $37,507 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $39,169 swing high to $37,507 low.

Bitcoin price is now facing resistance near the $38,350 level and the 100 hourly simple moving average. There is also a key bearish trend line with resistance near $38,350 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $39,169 swing high to $37,507 low.

Source: BTCUSD on TradingView.com

The next key resistance could be near the $38,800 zone. A close above the $38,800 resistance could increase the chances of a clear move above the $39,000 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $38,350 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,700 level.

The next major support is seen near the $37,550 level. A downside break below the $37,550 support and the recent low might trigger sharp losses. The next major support is $36,500, below which the price could dive to $35,000. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

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 now below the 50 level.

Major Support Levels – $37,700, followed by $37,550.

Major Resistance Levels – $38,350, $38,800 and $39,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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