{"id":482131,"date":"2022-01-27T03:48:25","date_gmt":"2022-01-27T03:48:25","guid":{"rendered":"https:\/\/uniquehot.com\/?p=482131"},"modified":"2024-06-11T14:10:56","modified_gmt":"2024-06-11T14:10:56","slug":"bitcoin-fails-near-38k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-fails-near-38k\/","title":{"rendered":"TA: Bitcoin Fails Near Key Zone, Can Bulls Save The Day"},"content":{"rendered":"
Bitcoin attempted a key upside break above the $38,500 resistance against the US Dollar. BTC failed to clear $38,500 and started a fresh decline.<\/em><\/p>\n Bitcoin price started a recovery wave<\/a> above the $36,000 and $37,000 levels. BTC was even able to clear the $37,500 level and the 100 hourly simple moving average.<\/p>\n However, the bulls faced a strong resistance near the $38,200 and $38,500 levels. It failed to surpass the 50% Fib retracement level of the main drop from the $43,490 swing high to $32,950 low. A high was formed near $38,490 and the price started a fresh decline.<\/p>\n There was a break below the $37,200 support zone. Besides, there was a break below a key bullish trend line with support near $37,150 on the hourly chart of the BTC\/USD pair.<\/p>\n Bitcoin price is now trading below $37,000 and the 100 hourly simple moving average<\/a>. It is testing the 50% Fib retracement level of the upward move from the $32,940 swing low to $38,490 high. On the upside, an initial resistance is near the $37,000 level.<\/p>\n <\/a><\/p>\n The first major resistance is near the $38,000 zone. The main resistance is still near the $38,500 zone. An upside break above the $38,500 resistance could start a steady upward move. The next key resistance is near the $39,200 level.<\/p>\n If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $35,700 zone.<\/p>\n The first major support is seen near the $35,000 zone. It is near the 61.8% Fib retracement level of the upward move from the $32,940 swing low to $38,490 high. A downside break below the $35,000 support zone may perhaps push the price towards the $33,200 support zone.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n Major Support Levels \u2013 $35,700, followed by $35,000.<\/p>\n Major Resistance Levels \u2013 $37,000, $38,000 and $38,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin attempted a key upside break above the $38,500 resistance against the US Dollar. BTC failed to clear $38,500 and started a fresh decline. Bitcoin struggled to gain pace above the $38,200 and $38,500 resistance levels. The price is now trading below $37,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $37,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh increase if the bulls are able to protect the $35,500 support zone. Bitcoin Price Keeps Struggling Bitcoin price started a recovery wave above the $36,000 and $37,000 levels. BTC was even able to clear the $37,500 level and the 100 hourly simple moving average. However, the bulls faced a strong resistance near the $38,200 and $38,500 levels. It failed to surpass the 50% Fib retracement level of the main drop from the $43,490 swing high to $32,950 low. A high was formed near $38,490 and the price started a fresh decline. There was a break below the $37,200 support zone. Besides, there was a break below a key bullish trend line with support near $37,150 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading below $37,000 and the 100 hourly simple moving average. It is testing the 50% Fib retracement level of the upward move from the $32,940 swing low to $38,490 high. On the upside, an initial resistance is near the $37,000 level. Source: BTCUSD on TradingView.com The first major resistance is near the $38,000 zone. The main resistance is still near the $38,500 zone. An upside break above the $38,500 resistance could start a steady upward move. The next key resistance is near the $39,200 level. More Losses in BTC? If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $35,700 zone. The first major support is seen near the $35,000 zone. It is near the 61.8% Fib retracement level of the upward move from the $32,940 swing low to $38,490 high. A downside break below the $35,000 support zone may perhaps push the price towards the $33,200 support zone. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $35,700, followed by $35,000. Major Resistance Levels \u2013 $37,000, $38,000 and $38,500.<\/p>\n","protected":false},"author":67,"featured_media":462954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-482131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Keeps Struggling<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses in BTC?<\/h2>\n