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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

TA: Bitcoin Faces Rejection, Why BTC is Vulnerable Below $38K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin failed to clear the $39,500 resistance zone against the US Dollar. BTC started a fresh decline and is showing bearish signs below $38,000.

  • Bitcoin failed to gain strength above the $39,000 level and stayed below $40,000.
  • The price is trading below $38,500 and the 100 hourly simple moving average.
  • There was a break below a key rising channel with support near $38,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of more downsides below the $36,300 support zone.

Bitcoin Price Struggle Continues

Bitcoin price started an upside correction above the $38,000 resistance. BTC was able to clear the $38,500 resistance and the 100 hourly simple moving average.

However, the price struggled to gain strength above the $39,000 level. It even stayed well below the $40,000 resistance zone. A high was formed near $39,250 and the price started a fresh decline. There was a sharp decline below the $38,500 level and the 100 hourly simple moving average.

Besides, there was a break below a key rising channel with support near $38,250 on the hourly chart of the BTC/USD pair. Bitcoin price traded below $37,000 and a low is formed near $36,673.

It is now consolidating losses and facing resistance near the $37,280 level. The stated resistance is close to the 23.6% Fib retracement level of the recent decline from the $39,250 swing high to $36,673 low. The next key resistance is near the $38,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $39,250 swing high to $36,673 low is also near $38,000 along with the 100 hourly simple moving average. A clear move above the $38,000 resistance could send the price to $39,000. To gain bullish momentum, the price must settle above the $39,500 level.

More Losses in BTC?

If bitcoin fails to start a recovery wave above the $37,280 resistance zone, it could continue to move down. An immediate support on the downside is near the $36,650 zone.

The next major support is seen near the $36,300 level. If there is a downside break below the $36,300 support zone, the price might gain bearish momentum towards $35,000.

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 well below the 50 level.

Major Support Levels – $36,300, followed by $35,000.

Major Resistance Levels – $38,000, $38,400 and $39,500.

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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.

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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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Reason to trust

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