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  • Bitcoin Recovery Halts, Technicals Suggest Fresh Decline To $36K

    Bitcoin Recovery Halts, Technicals Suggest Fresh Decline To $36K

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    Bitcoin is struggling to recover above the $38,400 resistance zone against the US Dollar. BTC could resume decline if it stays below the $38,500 level.

    • Bitcoin is currently facing resistance near the $38,400 and $38,500 levels.
    • The price is trading below $38,500 and the 100 hourly simple moving average.
    • There is a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a fresh decline if there is no clear move above $38,500.

    Bitcoin Price Faces Hurdle

    Bitcoin price found support near the $36,350 after a sharp decline. BTC formed a base and started a recovery wave above the $37,000 level. The price was able to surpass the $37,500 resistance level.

    The bulls pushed the price above the 50% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low. There was also a push above the $38,000 level. However, the price is now facing a strong resistance near the $38,250 level.

    The 61.8% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low is also near the $38,250 level. The next key resistance is near the $38,400 level.

    There is also a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC/USD pair. A clear move above the trend line resistance could send the price to $38,800 and the 100 hourly simple moving average.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    To gain bullish momentum, the price must settle above the $38,800 level. In the stated case, there are chances of a move above the $39,500 resistance.

    Fresh Decline in BTC?

    If bitcoin fails to start a recovery wave above the $38,400 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $37,250 zone.

    The next major support is seen near the $37,000 level. If there is a downside break below the $37,000 support zone, the price might gain bearish momentum for a move to $36,000. Any more losses could lead the price to $35,000.

    Technical indicators:

    Hourly MACD – The MACD is now losing pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining towards the 50 level.

    Major Support Levels – $37,250, followed by $37,000.

    Major Resistance Levels – $38,250, $38,400 and $39,500.

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  • Bitcoin Lacks Momentum Above $36K, Why BTC Could Correct Lower

    Bitcoin Lacks Momentum Above $36K, Why BTC Could Correct Lower

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    Bitcoin price extended its recovery above the $36,000 zone against the US Dollar. BTC topped near $36,700 and it is now correcting gains.

    • Bitcoin started a fresh increase above the $35,000 and $36,000 resistance levels.
    • The price is now trading nicely above $35,000 and the 100 hourly simple moving average.
    • There is a major bullish trend line forming with support near $35,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair is likely to start a downside correction below $35,700 and $35,500 in the near term.

    Bitcoin Price is Correcting Gains

    Bitcoin started a steady increase after it settle above the $34,000 level. BTC broke the key $35,000 barrier and the 100 hourly simple moving average to move further into a positive zone.

    The price even spiked above the $36,500 resistance. It traded as high as $36,698 and it is now correcting gains. There was a break below the $36,500 and $36,000 levels. It even traded below the 23.6% Fib retracement level of the upward move from the $33,939 swing low to $36,698 high.

    Bitcoin is still trading nicely above $35,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $35,700 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    If the pair fails to stay above the trend line support, it could start a downside correction below $35,500. The next key support is near the $35,200 level. It is near the 50% Fib retracement level of the upward move from the $33,939 swing low to $36,698 high. Any more losses might call for an extended decline towards the $34,000 support zone in the coming sessions.

    Fresh Increase in BTC?

    If bitcoin remains stable above the trend line support, it could rise further above the $36,000 resistance. An immediate resistance on the upside is near the $36,500 level.

    The next key resistance is near $36,700, above which the bulls are likely to aim a fresh high above $37,000. Any more gain could lift the price towards the $38,000 resistance. The next major barrier is near the $40,000 zone.

    Technical indicators:

    Hourly MACD – The MACD is slowly losing pace in the bullish zone.

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

    Major Support Levels – $35,700, followed by $35,200.

    Major Resistance Levels – $36,000, $36,500 and $38,000.

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