Bitcoin remained in a bearish zone below $39,000 against the US Dollar. BTC might perhaps well enhance only if it manages to decided the $40,000 resistance zone.
- Bitcoin is showing bearish indicators below the $39,000 and $40,000 resistance levels.
- The worth is trading below $39,000 and the 100 hourly easy shifting common.
- There might perhaps be a key triangle sample forming with resistance cease to $39,000 on the hourly chart of the BTC/USD pair (facts feed from Kraken).
- The pair might perhaps well originate a recovery wave if there might perhaps be a clear creep above $39,000 and $40,000.
Bitcoin Discover Remains in a Bearish Zone
Bitcoin imprint settled below the $40,000 pivot level and the 100 hourly easy shifting common. BTC even broke the $38,000 toughen level and traded as shrimp as $37,159.
The bulls managed to offer protection to the $37,000 toughen zone. It is now convalescing losses and trading above $37,500. There was as soon as a creep above the $38,000 resistance zone. The worth is now testing the 50% Fib retracement level of the recent decline from the $39,545 swing high to $37,159 low.
On the upside, bitcoin imprint might perhaps well face resistance cease to the $38,800 level. It is cease to the 61.8% Fib retracement level of the recent decline from the $39,545 swing high to $37,159 low.
Supply: BTCUSD on TradingView.com
There might perhaps be furthermore a key triangle sample forming with resistance cease to $39,000 on the hourly chart of the BTC/USD pair. The following famous resistance is cease to the $39,200 level and the 100 hourly easy shifting common. A clear creep above the $39,200 level might perhaps well originate the doors for a test of $40,000. A cease above $40,000 might perhaps well attach the tempo for added upsides in the cease to period of time.
More Losses in BTC?
If bitcoin fails to decided the $39,200 resistance zone, it can perhaps continue to creep down. A correct away toughen on the downside is cease to the $38,000 zone.
The following famous toughen is viewed cease to the $37,200 level. If there might perhaps be a downside ruin below the $37,200 toughen, the imprint might perhaps well originate one other decline. Within the stated case, there might perhaps be a threat of a creep in opposition to the $35,500 level.
Technical indicators:
Hourly MACD – The MACD is now losing tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now cease to the 50 level.
Important Toughen Stages – $38,000, followed by $37,200.
Important Resistance Stages – $38,800, $39,200 and $40,000.
