Bitcoin price is facing some strong hurdles near USD 36,750 and USD 37,800 against the US dollar. BTC could drop sharply as it breaks the USD 34,800 support zone.
- Bitcoin is struggling to gain bullish momentum above the USD 36,750 and USD 38,000 resistance levels.
- The price is now trading well below $ 38,000 and the 100-hour simple moving average.
- A major bearish trendline is forming with resistance near USD 36,400 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to accelerate lower if it does not stay above the USD 34,800 support zone.
Bitcoin price with a few bearish signs
After failing to pay more than $ 38,000, bitcoin price started to decline again. BTC broke it USD 36,400 and USD 35,500 support levels to move into a bearish zone in the short term.
The price even spiked below $ 34,500 and settled below the 100 simple hourly moving average. A low was formed at $ 33,930 before the price started a decent upward move. It climbed above USD 35,500, but it appears to be facing a strong resistance near USD 36,750.
A high is formed at $ 36,888 and the price is currently showing a pair bearish characters. Already it traded below the 23.6% Fib retracement level of the recent wave from the low of $ 33,930 to the high of $ 36,888.
Source: BTCUSD on TradingView.com
A major bearish trendline is also forming with resistance near USD 36,400 on the hourly chart of the BTC / USD pair. On the downside, an initial support is near the USD 35,800 level and a connecting bullish trendline. A clear break below USD 35,800 could take a test of USD 35,400.
The 50% Fib retracement level of the recent wave from USD 33,930 low to USD 36,888 high is USD 35,400 to provide support. Even more losses could accelerate the decline and bitcoin price could dip below USD 35,000 and USD 34,500. In the case mentioned, there is a risk of a break below the USD 34,000 support zone.
Chances of an upside break in BTC
If bitcoin remains above the USD 35,800 and USD 35,400 support levels, there is a chance of an upward breach. The first major resistance is near the USD 36,750 level.
The main resistance is now forming near the USD 37,800 and USD 38,000 levels. A close above the USD 38,000 level is a must to start a sharp rise to USD 40,000 or even higher in the near term.
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is struggling to stay above the 50 level.
Key Support Levels – USD 35,400, followed by USD 34,000.
Key Resistance Levels – USD 36,750, USD 37,800 and USD 38,000.