Bitcoin is trading in a bearish zone below $39,000 against the US Dollar. BTC could accelerate lower if it continues to struggle below $39,500.
Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC attempted a recovery wave from the $38,500 zone, but the price stayed below the$39,550 resistance.
Recently, the price saw a fresh decline from the $39,550 resistance zone and the 100 hourly simple moving average. There was a clear move below the $38,800 and $38,500 support levels. The decline extended below the $38,000 support zone.
A low is formed near $37,625 and the price is now consolidating losses. Bitcoin is slowly moving higher and trading above the 23.6% Fib retracement level of the recent decline from the $39,499 swing high to $37,625 low.
The first major resistance on the upside is near the $38,550 zone. There is also a crucial bearish trend line forming with resistance near $38,550 on the hourly chart of the BTC/USD pair. The trend line coincides with the 50% Fib retracement level of the recent decline from the $39,499 swing high to $37,625 low.
Source: BTCUSD on TradingView.com
If there is a clear move above the $38,550 resistance zone, the price might rise further. The next major resistance sits near the $39,550 level, above which there are chances of a steady increase. In the stated case, the price could even attempt a move above the $40,000 resistance zone.
If bitcoin fails to clear the $38,550 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone.
The next major support is seen near the $37,650 level. The main support sits near the $37,150 level. If there is a downside break below the $37,150 support, the price might gain bearish momentum. In the stated case, it could nosedive towards the $36,500 level or even $36,000.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $37,650, followed by $37,150.
Major Resistance Levels – $38,550, $39,550 and $40,000.
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