Bitcoin price turns red, why could the cryptocurrency resume its decline?
BTC price began a fresh decline after it didn’t successfully clear the $38,000 against the USD. The largest cryptocurrency struggles below $36,500 and it is still at a risk of even more losses.
The Resistance that Bitcoin Price Faces
Bitcoin didn’t continue to rise higher than the $38,000 resistance and then started a fresh decline. The cryptocurrency broke the $36,000 and $35,500 support levels to move into the bearish zone.
Then, the price broke the $34,000 support level then settled well below the 100 hourly simple moving average. It also traded as low as $33,373 and then it lately started an upside correction. Bitcoin was then able to recover over the $34,000 and $35,000 resistance levels.
There also has been a break over the 50% Fib retracement level of the current decline from the $36,463 swing high to $33,373 low. But the price faces a major resistance close to the $36,000 zone.
It still trades very well below the $37,000 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the current decline from the $36,463 swing high to $33,373 low now acts as a resistance. There is also a crucial bearish trend line that forms with a resistance close to the $36,400 on the hourly chart of the BTC/USD pair.
To move into a more positive zone, the price should clear the trend line resistance, $36,500 and also the 100 hourly SMA. The next major resistance on the upside is at $38,000.
Are there any more losses in BTC?
When Bitcoin fails to clear the trend line resistance and $36,500, it might continue to move down. An immediate support on the downside is close to the $35,000 level.
The next major support is around the $34,000 level. A downside break lower than $34,000 might push the price to $33,000. Further losses might open the doors for a move to the $32,000 support zone in the close term.
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