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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
BTC

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Bitcoin extended decline below the $38,000 level against the US Dollar. BTC is recovering, but it must clear $39,000 for upside continuation.

  • Bitcoin remained in a bearish zone below $40,000 and $39,000.
  • The price is now trading below $39,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $39,000 resistance to continue higher in the near term.

Bitcoin Price Eyes Recovery Wave

Bitcoin price gained bearish momentum after it broke the $39,000 support zone. BTC even traded below the $38,000 level and settled below the 100 hourly simple moving average. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

There was a spike below the $37,500 support zone. A low was formed near $37,399 and the price is now correcting higher. There was a move above the $38,000 and $38,200 resistance levels. There was also a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USD pair.

Bitcoin price even climbed above the 23.6% Fib retracement level of the key decline from the $40,349 swing high to $37,399 low. It is now facing resistance near the $38,800 level and the 100 hourly simple moving average.

The 50% Fib retracement level of the key decline from the $40,349 swing high to $37,399 low is also near the $38,800 zone to act as a resistance. The next key resistance could be near the $39,000 zone. A close above the $39,000 level could open the doors for a decent increase.

Bitcoin Price

Source: BTCUSD on TradingView.com

In the stated case, the price could even surpass the $39,250 resistance. The next major resistance may perhaps be near the $40,000 zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $39,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $38,400 level.

The next major support is seen near the $38,000 level. A clear break below the $38,000 support zone could even push the price below $37,500. Any more losses might call for a test of the $36,400 support. 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 bullish zone.

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

Major Support Levels – $38,400, followed by $38,000.

Major Resistance Levels – $38,800, $39,000 and $39,200.

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Aayush Jindal
Aayush Jindal

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.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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