{"id":484344,"date":"2022-02-23T03:08:26","date_gmt":"2022-02-23T03:08:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=484344"},"modified":"2024-06-11T11:03:24","modified_gmt":"2024-06-11T11:03:24","slug":"bitcoin-recovery-halts","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-recovery-halts\/","title":{"rendered":"TA: Bitcoin Recovery Halts, Technicals Suggest Fresh Decline To $36K"},"content":{"rendered":"
Bitcoin is struggling to recover above the $38,400 resistance zone against the US Dollar. BTC could resume decline if it stays below the $38,500 level.<\/em><\/p>\n Bitcoin price found support near the $36,350 after a sharp decline<\/a>. BTC formed a base and started a recovery wave above the $37,000 level. The price was able to surpass the $37,500 resistance level.<\/p>\n The bulls pushed the price above the 50% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low. There was also a push above the $38,000 level. However, the price is now facing a strong resistance near the $38,250 level.<\/p>\n The 61.8% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low is also near the $38,250 level. The next key resistance is near the $38,400 level.<\/p>\n There is also a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC\/USD pair. A clear move above the trend line resistance could send the price to $38,800 and the 100 hourly simple moving average<\/a>.<\/p>\n <\/a><\/p>\n To gain bullish momentum, the price must settle above the $38,800 level. In the stated case, there are chances of a move above the $39,500 resistance.<\/p>\n If bitcoin fails to start a recovery wave above the $38,400 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $37,250 zone.<\/p>\n The next major support is seen near the $37,000 level. If there is a downside break below the $37,000 support zone, the price might gain bearish momentum for a move to $36,000. Any more losses could lead the price to $35,000.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining towards the 50 level.<\/p>\n Major Support Levels \u2013 $37,250, followed by $37,000.<\/p>\n Major Resistance Levels \u2013 $38,250, $38,400 and $39,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin is struggling to recover above the $38,400 resistance zone against the US Dollar. BTC could resume decline if it stays below the $38,500 level. Bitcoin is currently facing resistance near the $38,400 and $38,500 levels. The price is trading below $38,500 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh decline if there is no clear move above $38,500. Bitcoin Price Faces Hurdle Bitcoin price found support near the $36,350 after a sharp decline. BTC formed a base and started a recovery wave above the $37,000 level. The price was able to surpass the $37,500 resistance level. The bulls pushed the price above the 50% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low. There was also a push above the $38,000 level. However, the price is now facing a strong resistance near the $38,250 level. The 61.8% Fib retracement level of the key decline from the $39,492 swing high to $36,366 low is also near the $38,250 level. The next key resistance is near the $38,400 level. There is also a crucial bearish trend line forming with resistance near $38,450 on the hourly chart of the BTC\/USD pair. A clear move above the trend line resistance could send the price to $38,800 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com To gain bullish momentum, the price must settle above the $38,800 level. In the stated case, there are chances of a move above the $39,500 resistance. Fresh Decline in BTC? If bitcoin fails to start a recovery wave above the $38,400 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $37,250 zone. The next major support is seen near the $37,000 level. If there is a downside break below the $37,000 support zone, the price might gain bearish momentum for a move to $36,000. Any more losses could lead the price to $35,000. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining towards the 50 level. Major Support Levels \u2013 $37,250, followed by $37,000. Major Resistance Levels \u2013 $38,250, $38,400 and $39,500.<\/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-484344","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 Faces Hurdle<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Decline in BTC?<\/h2>\n