• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term

Aayush Jindal by Aayush Jindal
4 months ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin started a strong decline from the $43,500 resistance against the US Dollar. BTC remains at a risk of more downsides below the $39,200 support.

  • Bitcoin started a major decline after it failed to clear the $43,500 resistance.
  • The price is still trading below $41,000 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $42,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if there is a break below the $39,200 support.

Bitcoin Price Declines Heavily

Bitcoin price gained pace for a move above the $42,500 level. However, BTC struggled to gain pace for a move above the $43,500 resistance zone.

A high was formed near $43,497 before the bears appeared. As a result, there was a fresh decline below the $42,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $42,000 on the hourly chart of the BTC/USD pair.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

There was a fresh decline below the $41,200 support zone. Bitcoin even declined below the $40,000 support zone. A low is formed near $39,261 and the price is now consolidating losses.

On the upside, an initial resistance is near the $40,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $43,497 swing high to $39,261 low. The first major resistance is near the $40,500 level. An upside break above the $40,500 resistance could start a steady recovery wave towards $41,200.

Bitcoin Price

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Source: BTCUSD on TradingView.com

The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,500. Any more gains may perhaps call for a move towards the $43,500 resistance zone.

Fresh Drop in BTC?

If bitcoin fails to start a fresh increase above $40,500, it could start a fresh decline. An immediate support on the downside is near the $39,500 zone.

The first major support is seen near the $39,200 zone. A downside break below the $39,200 support zone may perhaps spark another major decline. The next major support is near $38,500, below which the price could even decline below the $38,000 zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the oversold zone.

Major Support Levels – $39,500, followed by $39,200.

Major Resistance Levels – $40,250, $40,500 and $41,200.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

TA: Why Bitcoin Still At Risk of A Fresh Decline Below $29K

9 hours ago
Bitcoin

Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?

3 days ago
Bitcoin

TA: Bitcoin Gains Momentum, Why Break Above $30K Is Crucial

3 days ago
Bitcoin

TA: Bitcoin Breaks $30K, Why This Could Turn Into Larger Downtrend

4 days ago
Bitcoin

TA: Bitcoin Struggles Below $32K, Why Downtrend Could Resume

5 days ago
Bitcoin

TA: Bitcoin Dives To $30K, Why Short-term Recovery Seems Possible

6 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

TraderWagon Releases Product Roadmap as Monthly Growth Hits 138%

May 16, 2022

The Amulet Protocol Wants To Resolve Insurance-Related Problems As The Project Collects $6 Million In Initial Fundraising Round

May 16, 2022

Can Calyx Token (CLX) outrun PancakeSwap (CAKE)?

May 15, 2022

Double Your Savings With These 3 Cryptos: Klaytn (KLAY), Aave (AAVE), And Pacman Frog (PAC)

May 15, 2022

Avalanche (AVAX), Algorand (ALGO), and Calyx Token (CLX) – 3 Coins To HODL Now

May 15, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.