TA: Bitcoin Fails Near Key Zone, Can Bulls Save The Day
26 Enero 2022 - 09:48PM
NEWSBTC
Bitcoin attempted a key upside break above the $38,500 resistance
against the US Dollar. BTC failed to clear $38,500 and started a
fresh decline. Bitcoin struggled to gain pace above the $38,200 and
$38,500 resistance levels. The price is now trading below $37,000
and the 100 hourly simple moving average. There was a break below a
key bullish trend line with support near $37,150 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
start a fresh increase if the bulls are able to protect the $35,500
support zone. Bitcoin Price Keeps Struggling Bitcoin price started
a recovery wave above the $36,000 and $37,000 levels. BTC was even
able to clear the $37,500 level and the 100 hourly simple moving
average. However, the bulls faced a strong resistance near the
$38,200 and $38,500 levels. It failed to surpass the 50% Fib
retracement level of the main drop from the $43,490 swing high to
$32,950 low. A high was formed near $38,490 and the price started a
fresh decline. There was a break below the $37,200 support zone.
Besides, there was a break below a key bullish trend line with
support near $37,150 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $37,000 and the 100 hourly
simple moving average. It is testing the 50% Fib retracement level
of the upward move from the $32,940 swing low to $38,490 high. On
the upside, an initial resistance is near the $37,000 level.
Source: BTCUSD on TradingView.com The first major resistance is
near the $38,000 zone. The main resistance is still near the
$38,500 zone. An upside break above the $38,500 resistance could
start a steady upward move. The next key resistance is near the
$39,200 level. More Losses in BTC? If bitcoin fails to start a
fresh increase above $38,000, it could start another decline. An
immediate support on the downside is near the $35,700 zone. The
first major support is seen near the $35,000 zone. It is near the
61.8% Fib retracement level of the upward move from the $32,940
swing low to $38,490 high. A downside break below the $35,000
support zone may perhaps push the price towards the $33,200 support
zone. Technical indicators: Hourly MACD – The MACD is now gaining
pace in the bearish zone. Hourly RSI (Relative Strength Index) –
The RSI for BTC/USD is now below the 50 level. Major Support Levels
– $35,700, followed by $35,000. Major Resistance Levels – $37,000,
$38,000 and $38,500.
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