- Bitcoin price extended decline below the $38,000 zone against the US Dollar.
- The price is now trading below $39,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $39,250 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a steady increase if there is a move above the $39,400 level.
Bitcoin price is struggling below $40,000 against the US Dollar. BTC might extend losses if it stays below the $39,400 and $40,000 resistance levels.
Bitcoin Price Analysis
Bitcoin price failed to clear the $40,800 resistance zone. As a result, BTC started a fresh decline and traded below the key $39,900 support zone.
There was a clear move below the $39,250 level and the 55 simple moving average (4-hours). The price even spiked below the $38,000 level. A low is formed near $37,700 and the price is now correcting losses. There was a move above the $38,000 resistance zone.
The price is now testing the 23.6% Fib retracement level of the downward move from the $40,817 swing high to $37,700 low. An immediate resistance on the upside is near the $39,000 level.
The next major resistance on the upside is near the $39,250 level. There is also a major bearish trend line forming with resistance near $39,250 on the 4-hours chart of the BTC/USD pair. It is near the 50% Fib retracement level of the downward move from the $40,817 swing high to $37,700 low.
To start another increase, the price must settle above the $39,250 level in the near term. If there is no upside break, the price might start a fresh decline below $38,000. The next key support is near the $37,200 level. Any more losses might call for a test of the key $36,500 support zone, where the bulls might take a stand in the near term.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $39,000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a move above the $39,400 level.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $38,000 and $37,200.
Key Resistance Levels – $39,000, $39,250 and $40,000.
Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-struggle-continues-below-40k/