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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

TA: Bitcoin Key Indicators Suggest Strengthening Case For More Downsides

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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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.

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

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.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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