Bitcoin price started a fresh decline from the ,600 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,100 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair must clear ,000 and then ,800 to start a fresh increase in the near term. Bitcoin price is struggling to settle above the ,000 resistance against the US Dollar. BTC even spiked above ,000, but it failed to stay in the positive zone. Bitcoin Price Analysis Bitcoin price formed a base above the ,500 level. As a result, BTC started a decent increase and broke many hurdles near the ,500 level. The price even spiked above the ,000 resistance
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- Bitcoin price started a fresh decline from the $42,600 zone against the US Dollar.
- The price is now trading below $40,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $40,100 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must clear $40,000 and then $40,800 to start a fresh increase in the near term.
Bitcoin price is struggling to settle above the $40,000 resistance against the US Dollar. BTC even spiked above $41,000, but it failed to stay in the positive zone.
Bitcoin Price Analysis
Bitcoin price formed a base above the $37,500 level. As a result, BTC started a decent increase and broke many hurdles near the $39,500 level.
The price even spiked above the $40,000 resistance and the 55 simple moving average (4-hours). There was a move above the 50% Fib retracement level of the key decline from the $42,597 swing high to $37,560 swing low.
Finally, there was a move above the $41,000 resistance level. However, the price struggled near $41,500. Bitcoin tested the 76.4% Fib retracement level of the key decline from the $42,597 swing high to $37,560 swing low. It seems like the price struggled to continue higher and there was a sharp bearish reaction from $41,500.
It is now trading below $40,000 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $39,500 level.
The next major resistance on the upside is near the $40,000 level. There is also a major bearish trend line forming with resistance near $40,100 on the 4-hours chart of the BTC/USD pair. To start another increase, the price must settle above the $40,000 level in the near term.
The next major resistance could be $41,500, above which the price could rise to $42,500. If there is no upside break, the price might start a decline below the $39,000 level.
The next key support is near the $38,000 level, below which there is a risk of a move towards the $37,560 level. Any more losses might call for a test of the key $34,250 support zone.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $40,000 and the 55 simple moving average (4-hours). Overall, the price must clear $40,000 and then $40,800 to start a fresh increase in the near term.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Key Support Levels – $39,000 and $38,000.
Key Resistance Levels – $39,500, $40,000 and $40,800.