TA: Bitcoin Turns Bearish, Bears In Control Below $40K
23 Enero 2022 - 09:51PM
NEWSBTC
Bitcoin started a strong decline below the $40,000 support against
the US Dollar. BTC might recover, but upsides might be limited
above $38,000. Bitcoin started a major decline below the $40,000
and $38,000 support levels. The price is now trading below $38,000
and the 100 hourly simple moving average. There is a key bearish
trend line with resistance near $36,500 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could continue to
move down if there is a break below the $34,000 support. Bitcoin
Price Extends Losses Bitcoin price started a major decline below
the $42,000 and $40,000 support levels. BTC gained pace below the
$38,000 level to move further into a bearish zone. It traded as low
as $34,007 and is currently consolidating losses. It is now trading
below $38,000 and the 100 hourly simple moving average. On the
upside, an initial resistance is near the $36,200 level. There is
also a key bearish trend line with resistance near $36,500 on the
hourly chart of the BTC/USD pair. The trend line is near the 23.6%
Fib retracement level of the recent decline from the $43,500 swing
high to $34,007 low. The first major resistance is near the $36,800
level. An upside break above the $36,800 resistance could start a
steady recovery wave towards $38,000. The next key resistance is
near the $40,000 level, above which the bulls might aim a test of
$41,200. Source: BTCUSD on TradingView.com An intermediate
resistance is near the 50% Fib retracement level of the recent
decline from the $43,500 swing high to $34,007 low. Any more gains
may perhaps call for a move towards the $42,500 resistance zone.
More Losses in BTC? If bitcoin fails to start a fresh increase
above $36,500, it could start another decline. An immediate support
on the downside is near the $34,500 zone. The first major support
is seen near the $34,000 zone. A downside break below the $34,000
support zone may perhaps spark another major decline. The next
major support is near $32,500, below which the price could even
decline below the $32,000 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 well below the
50 level. Major Support Levels – $34,500, followed by $34,000.
Major Resistance Levels – $36,250, $36,500 and $38,000.
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