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Tag: Decline

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.
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Source: BTCUSD on TradingView.com
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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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February 23, 2022
Bitcoin Resumes Decline, Indicators Suggest Limited Upside
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Bitcoin started a fresh decline below the $50,000 support against the US Dollar. BTC remains at a risk of a larger decline below $47,500 in the near term.
- Bitcoin started a fresh decline below the $50,000 and $49,500 support levels.
- The price is trading below $49,000 and the 100 hourly simple moving average.
- There was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be limited above $49,200 in the near term.
Bitcoin Price Gains Bearish Momentum

Bitcoin price failed to gain strength and started a fresh decline below the $50,000 support. BTC traded below the $49,200 and $49,000 levels to move into a bearish zone.

Besides, there was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair. The pair even traded below the $48,500 support zone and traded close to the $47,200 level.

A low is formed near $47,305 and the price is now consolidating. Bitcoin is trading below $49,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $48,200 level. The first major resistance is near the $48,500 level.

The 23.6% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is also near $48,500. The next key resistance could be $49,800.
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Source: BTCUSD on TradingView.com
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Besides, the 50% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is near the $49,700 zone to act as a resistance. A clear move above the $49,800 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $51,200 level.

More Losses In BTC?

If bitcoin fails to recover above $49,200, it could continue to move down. An immediate support is near the $47,500 zone. The first major support is near $47,200.

A downside break below the $47,200 level could push the price towards the $46,500 support. Any more losses may possibly lead the price towards the $45,500 support zone.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level.

Major Support Levels – $47,200, followed by $46,500.

Major Resistance Levels – $48,200, $48,800 and $49,800.
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December 29, 2021
Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline
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Bitcoin price extended its decline below the $31,200 support against the US Dollar. BTC remains at a risk of a larger decline below the $30,000 support zone.
- Bitcoin remains in a bearish zone and it even broke the $31,000 support zone.
- The price is now trading well below $32,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate lower below the $30,500 and $30,000 levels in the near term.
Bitcoin Price Extends Losses

Bitcoin price remains in a downtrend and it is now trading well below the $33,000 pivot zone. BTC extended its decline below the $31,200 support zone and it settled well below the 100 hourly simple moving average.

The price extended its decline and it even traded below $30,650. A low is formed near $30,445 and the price is now consolidating losses. It corrected a few points above the $30,500 level. However, there was no proper follow through above the 23.6% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.

An immediate resistance on the upside is near the $31,200 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.

The next key resistance is near the $31,500 level. There is also a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair. The trend line resistance at $31,500 is also close to the 100 hourly SMA.
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Source: BTCUSD on TradingView.com
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A close above the trend line resistance could initiate a decent recovery above $32,000. Besides, a proper break above the $32,000 level may push the price towards $33,000.

More Losses in BTC?

If bitcoin fails to recover above the $31,200 and $31,500 resistance levels, there is a risk of more losses. An initial support on the downside is near the $30,500 level.

The first major support is now near the $30,200 zone. The main support is now near the $30,000 level. A close below the $30,000 level could spark a steady decline in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

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

Major Support Levels – $30,500, followed by $30,000.

Major Resistance Levels – $31,200, $31,500 and $32,000.
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July 20, 2021