• 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
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
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

TA: Bitcoin Key Indicators Suggest Strengthening Case For More Downsides

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

Bitcoin gained bearish momentum below $40,000 against the US Dollar. BTC is at risk of more downsides towards the $37,200 and $36,600 levels.

  • Bitcoin started another decline below the $40,000 and $39,000 levels.
  • The price is trading below $39,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might continue to move down unless the bulls able to push the price above $39,550.

Bitcoin Price Extends Decline

Bitcoin price struggled to stay above the $40,000 support zone. As a result, BTC extended decline below the $39,550 support zone and the 100 hourly simple moving average.

The price traded below the 61.8% Fib retracement level of the main increase from the $37,160 swing low to $42,550 swing high. It is now showing a few bearish signs below the $39,200 and $39,000 support levels.

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

Bitcoin is also testing the 76.4% Fib retracement level of the main increase from the $37,160 swing low to $42,550 swing high at $38,430. If there is a minor recovery wave, the price might face resistance near the $38,850 level. The first major resistance on the upside is near the $39,000 zone.

There is also a key bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC/USD pair. If there is a clear move above the $39,000 resistance zone, the price might rise further.

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 major resistance sits near the $39,550 level and the 100 hourly SMA, above which there are chances of a steady recovery wave above the $40,000 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $39,550 resistance zone, it could continue to move down. An immediate support on the downside is near the $38,400 zone.

The next major support is seen near the $38,000 level. The main support sits near the last swing low at $37,140. If there is a downside break below the $37,140 support, the price might gain bearish momentum. In the stated case, it could dive towards the $36,600 level or even $36,000.

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 now below the 50 level.

Major Support Levels – $38,000, followed by $37,140.

Major Resistance Levels – $39,000, $39,550 and $40,000.

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: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

5 hours ago
Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

1 day ago
Bitcoin bear

Holding Back The Bears: Why Bitcoin Must Break $22,500

2 days ago
Bitcoin

TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

2 days ago
Bitcoin

TA: Bitcoin Dips Further, Why BTC Could Revisit $20K

3 days ago
bitcoin bollinger bands

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

Secure Your Finances With These Top DeFi Tokens: Gnox (GNOX), Solana (SOL), and Avalanche (AVAX)

June 30, 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

© 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.