TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term
21 Januar 2022 - 04:08AM
NEWSBTC
Bitcoin started a strong decline from the $43,500 resistance
against the US Dollar. BTC remains at a risk of more downsides
below the $39,200 support. Bitcoin started a major decline after it
failed to clear the $43,500 resistance. The price is still trading
below $41,000 and the 100 hourly simple moving average. There was a
break below a major bullish trend line with support near $42,000 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could continue to move down if there is a break below the
$39,200 support. Bitcoin Price Declines Heavily Bitcoin price
gained pace for a move above the $42,500 level. However, BTC
struggled to gain pace for a move above the $43,500 resistance
zone. A high was formed near $43,497 before the bears appeared. As
a result, there was a fresh decline below the $42,000 support level
and the 100 hourly simple moving average. Besides, there was a
break below a major bullish trend line with support near $42,000 on
the hourly chart of the BTC/USD pair. There was a fresh decline
below the $41,200 support zone. Bitcoin even declined below the
$40,000 support zone. A low is formed near $39,261 and the price is
now consolidating losses. On the upside, an initial resistance is
near the $40,250 level. It is near the 23.6% Fib retracement level
of the recent decline from the $43,497 swing high to $39,261 low.
The first major resistance is near the $40,500 level. An upside
break above the $40,500 resistance could start a steady recovery
wave towards $41,200. Source: BTCUSD on TradingView.com The next
key resistance is near the $41,200 level, above which the bulls
might aim a test of $42,500. Any more gains may perhaps call for a
move towards the $43,500 resistance zone. Fresh Drop in BTC? If
bitcoin fails to start a fresh increase above $40,500, it could
start a fresh decline. An immediate support on the downside is near
the $39,500 zone. The first major support is seen near the $39,200
zone. A downside break below the $39,200 support zone may perhaps
spark another major decline. The next major support is near
$38,500, below which the price could even decline below the $38,000
zone. Technical indicators: Hourly MACD – The MACD is now gaining
pace in the bearish zone. Hourly RSI (Relative Strength Index) –
The RSI for BTC/USD is in the oversold zone. Major Support Levels –
$39,500, followed by $39,200. Major Resistance Levels – $40,250,
$40,500 and $41,200.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Mär 2023 bis Mär 2024