14:07
TA: Bitcoin Trims Gains, What Could Trigger Fresh Drop To $35K

Bitcoin price started a fresh decline after it failed to stay above $40,000 against the US Dollar. BTC is moving lower and it could even decline towards $35,000 in the near term.

  • Bitcoin started a fresh decline from well above the $40,000 pivot level.
  • The price is now trading well below $39,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower if it fails to stay above the $37,200 support zone.

Bitcoin Price Extends Decline

Bitcoin failed to stay above the key $40,000 support zone and started a fresh decline. BTC broke the $39,500 and $38,500 support levels to move into a short-term bearish zone.

The price traded below the 50% Fib retracement level of the upward move from the $34,822 swing low to $41,380 swing high. It is now trading well below $39,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair.
An immediate support on the downside is near the $37,200 level. It is near the 61.8% Fib retracement level of the upward move from the $34,822 swing low to $41,380 swing high. 

Source: BTCUSD on TradingView.com

If there is a downside break below the $37,200 support, the price may even struggle to stay above the $36,500 support. Any more losses could open the doors for a move towards the $35,000 support zone in the near term.


Fresh Increase in BTC?


If bitcoin stays above the $37,200 support, it could start a fresh increase. An initial resistance on the upside is near the $38,200 level.

The first major resistance is near the $38,500 level and the bearish trend line. A successful break above the trend line could lead the price towards the $39,500 resistance zone and the 100 hourly SMA. A close above the 100 hourly SMA is must for a fresh increase above the $40,000 resistance zone in the coming sessions.

Technical indicators:


Hourly MACD – The MACD is slowly moving into the bearish zone.

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

Major Support Levels – $37,200, followed by $36,500.

Major Resistance Levels – $38,200, $38,500 and $40,000.

Source: bitcoin.com

Category: Analytics | Views: 266 | Added by: danyagames2007 | Tags: #bitcoin news #bitcoin #btc | Rating: 3.0/2
Total comments: 0
Name *:
Email *:
Code *:
[10.07.2021][News]
The Bitcoin cycle will last 1,000 days, one analyst says, as crypto rallies despite 40% volume drop (5)
[10.07.2021][News]
This Country Could Make Bitcoin a Legal Tender After El Salvador (0)
[10.07.2021][News]
Bitcoin Market State: Investors Holding Steady Instead of Selling Large Volumes like 2018, But Volatility to Remain Under Pressure until Q3 (0)
[09.07.2021][News]
Apple Co-Founder Steve Wozniak Calls Bitcoin a "Miracle," Says It's Better Than Gold (0)
[09.07.2021][News]
We must stop bitcoin before it's too late (0)
[09.07.2021][News]
Bitcoin price under pressure as regulatory concerns mount (0)
[08.07.2021][News]
In First, Israeli Authorities Seize Digital Wallets Containing Bitcoin and Other Cryptocurrencies Destined for Hamas (0)
[08.07.2021][News]
The Wyckoff Accumulation: Why Is Bitcoin at a Critical Level According to the Model? (0)
[08.07.2021][News]
When Will Bitcoin Rally Again? (0)
[08.07.2021][News]
Elon Musk Receives Amusing Request to Start Pumping Bitcoin Again But He Says "No" (0)
close