TA: Bitcoin Continues To Struggle, Why BTC Might Start Fresh Increase
03 Agosto 2021 - 10:08PM
NEWSBTC
Bitcoin price extended its decline below the $38,000 support zone
against the US Dollar. BTC is now showing signs of an upside
correction as long as it is above $38,000. Bitcoin extended its
decline below the $39,000 and $38,000 support levels. The price is
now trading well below $39,000 and the 100 hourly simple moving
average. There was a break above a crucial bearish trend line with
resistance near $38,200 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could start a decent increase as
long as there is no daily close below $38,000. Bitcoin Price is
Consolidating Bitcoin price extended its decline below the $39,200
and $39,000 support levels. BTC even broke the $38,500 level to
move further into a bearish zone. The price spiked below the
$38,000 support level and it settled well below the 100 hourly
simple moving average. A low is formed near $37,660 and the price
is now attempting an upside correction. There was a break above the
$38,000 level. Besides, there was a break above a crucial bearish
trend line with resistance near $38,200 on the hourly chart of the
BTC/USD pair. Bitcoin is now facing resistance near the $38,800
level. Source: BTCUSD on TradingView.com It is close to the 23.6%
Fib retracement level of the key drop from the $42,630 swing high
to $37,660 low. The next major resistance is near the $39,500
level. The main resistance is now forming near the $40,000 level
and the 100 hourly simple moving average. It is near the 50% Fib
retracement level of the key drop from the $42,630 swing high to
$37,660 low. If there is an upside break above $38,800 and $40,000,
bitcoin could gain traction. The next major resistance on the
upside is near the $41,450 zone. More Losses in BTC? If bitcoin
fails to climb above the $38,800 and $40,000 resistance levels, it
could continue to move down. An initial support on the downside is
near the $38,000 level. The first major support is now near the
$37,800 zone. A clear downside break below the $37,800 support
might call for more losses. The next major support is near the
$37,000 zone. Technical indicators: Hourly MACD – The MACD is
slowly losing pace in the bearish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is still well below the 50
level. Major Support Levels – $38,000, followed by $37,000. Major
Resistance Levels – $38,880, $39,500 and $40,000.
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