Bitcoin bumps up against the US dollar Resistance close to $38,200. BTC is still vulnerable to further declines unless it surpasses the $39,000 resistance level. Bitcoin is facing significant resistance near the $38,200 and $39,000 levels. The price is currently trading below $38,500 and the 100 hourly simple moving average.
There is a key bearish trend line with resistance near $38,350 on the hourly chart of the BTC/USD pair. The pair needs to break the $38,350 and $38,800 resistance levels to start a steady rise.
Bitcoin price remains in a downtrend
Bitcoin price attempted an upside break above the $38,800 and $39,000 resistance levels. On the upside, BTC struggled to break the $39,000 resistance zone and started a fresh decline.
A swing high was formed near $39,170 and the price started falling again. The price dropped well below the $38,800 and $38,500 levels. The bears even propelled the price below $38,000 with a close below the 100 hourly simple moving average. A low has formed at $37,507 and the price is now correcting losses. The price surged above the 23.6 percent Fib retracement level of the recent decline from the $39,169 high to $37,507 low.
Bitcoin is currently facing resistance near $38,350 and the 100 hourly simple moving average. On the hourly chart of BTC/USD pair, there is also a key bearish trend line with resistance near $38,350. The trend line is holding near the 50% Fib retracement level of the recent decline from the $39,169 high to $37,507 low. The next major resistance level could be around $38,800. A close above the $38,800 resistance level could increase the likelihood of a meaningful move above the $39,000 resistance zone.
More bitcoin losses?
If bitcoin fails to break the $38,350 resistance level, it could fall further. On the upside, there is immediate support near $37,700.
The next significant support is seen at $37,550. A break below the $37,550 support level and the recent low could result in significant losses. The next major support level is $36,500, below which the price could drop to $35,000 or below. Much luck!
Source: Crypto News Deutsch