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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Bitcoin Price Remains At Risk of A Fresh Drop To $36K

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price surged above the $0,000 level before started a downside correction against the US Dollar. BTC is now testing a major support at $38,600, below which it could decline to $36,000.

  • Bitcoin climbed above the $38,000 resistance, but it struggled to stay above $40,000.
  • The price is trading near the $38,600 support, but it is well above the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $38,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either decline heavily towards $36,000 or it might climb back above $40,000.

Bitcoin Price Remains At Risk

This past week, bitcoin price saw a decent upward move above the $36,000 resistance against the US Dollar. The BTC/USD pair even climbed above the $38,000 resistance to move further into a positive zone.

The price broke the $40,000 resistance and it settled above the 100 simple moving average (4-hours). A high was formed near $41,050 before the price started a downside correction. There was a break below the $39,500 and $39,000 levels.

The price even traded below the 23.6% Fib retracement level of the upward move from the $36,217 swing low to $41,050 high. Bitcoin is now trading near the $38,600 support level.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key bullish trend line forming with support near $38,650 on the 4-hours chart of the BTC/USD pair. The 50% Fib retracement level of the upward move from the $36,217 swing low to $41,050 high is also near the trend line to provide support.

A downside break below the trend line support could open the doors for a larger decline below $37,000. The next major support is near the $36,000 level.

Fresh Increase in BTC?

If bitcoin stays above the trend line support, there are chances of a fresh increase above $39,500. An initial resistance on the upside is near the $40,000 level.

A proper break and close above the $40,000 resistance will most likely set the pace for a sustained upward move in the coming sessions. The next major resistance on the upside is near the $41,500 level.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Level – $38,600

Major Resistance Level – $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.

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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