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Bitcoin Price Analysis: BTC Remains At Risk of More Losses

Summary:
Bitcoin price started a fresh decline after it failed to settle above ,000 against the US Dollar. The price is now trading below the ,000 zone and the 55 simple moving average (4-hours). There was a break below a major contracting triangle with support near ,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could correct higher, but it is likely to face selling interest near the ,00 and ,000 levels. Bitcoin price is showing bearish signs below ,000 against the US Dollar. BTC must surpass ,000 and ,000 to start a steady recovery wave. Bitcoin Price Analysis Bitcoin price attempted an upside break above the ,000 barrier, but it failed to gain traction. BTC topped near ,400 and it started a fresh decline. There

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  • Bitcoin price started a fresh decline after it failed to settle above $38,000 against the US Dollar.
  • The price is now trading below the $36,000 zone and the 55 simple moving average (4-hours).
  • There was a break below a major contracting triangle with support near $35,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could correct higher, but it is likely to face selling interest near the $35,00 and $36,000 levels.

Bitcoin price is showing bearish signs below $35,000 against the US Dollar. BTC must surpass $35,000 and $36,000 to start a steady recovery wave.

Bitcoin Price Analysis

Bitcoin price attempted an upside break above the $40,000 barrier, but it failed to gain traction. BTC topped near $39,400 and it started a fresh decline. There was a break below many important supports near $38,000 and $37,000.

The price tumbled below the $36,000 support zone and the 55 simple moving average (4-hours). There was also a break below a major contracting triangle with support near $35,200 on the 4-hours chart of the BTC/USD pair.

The pair even declined below $32,000, but it remained stable above $31,000. A low is formed near $31,080 and the price is now correcting losses. It is trading near the $33,000 resistance zone. Besides, it is testing the 23.6% Fib retracement level of the recent decline from the $39,384 swing high to $31,081 low.

The first major resistance on the upside is near the $35,000 level. It is near the 50% retracement level of the recent decline from the $39,384 swing high to $31,081 low.

The main resistance is near the $36,200 level and the 55 simple moving average (4-hours). A clear break above the $36,200 zone could open the doors for a steady recovery wave in the near term.

On the downside, the $32,500 level is a decent support. The main support is now forming near the $31,000 level. If there is a downside break below the $31,000 support, the price could resume its decline.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $36,000 and the 55 simple moving average (4-hours). Overall, the price could correct higher, but it is likely to face selling interest near the $35,00 and $36,000 levels.

Technical indicators

4 hours MACD – The MACD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now near the 40 level.

Key Support Levels – $32,000 and $31,000.

Key Resistance Levels – $35,000, $35,300 and $36,200.

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