BITCOIN REMAINS AT RISK‚ WHY BTC COULD NOSEDIVE BELOW $38‚000

Updated: 08/03/2021 04:02
Hyip Monitor
bitcoin remains at risk why btc could nosedive below 38000
Bitcoin price struggled to recover above $40000 and extended its decline against the US Dollar BTC could dive below $38500 if it continues to stay below
Sponsored Links

Bitcoin price struggled to recover above $40,000 and extended its decline against the US Dollar. BTC could dive below $38,500 if it continues to stay below $40,000.

Bitcoin extended its decline below the $40,000 and $39,200 support levels.
The price is now trading well below $40,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $39,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must break $39,250 and $40,000 to start a fresh increase in the near term.

Bitcoin Price is Struggling


Bitcoin price started a fresh decline from well above $42,000 level. BTC broke the key $40,500 support level to move into a short-term bearish zone.

The price even settled below the $40,000 level and the 100 hourly simple moving average. It even broke the $39,200 support zone and traded as low as $38,711. The price is now consolidating gains above the $38,700 level.

An initial resistance is near the $39,250 level. There is also a major bearish trend line forming with resistance near $39,250 on the hourly chart of the BTC/USD pair. The first major resistance is near the $39,600 level. It is close to the 23.6% Fib retracement level of the recent decline from the $42,630 swing high to $38,711 low.

The main resistance is now forming near the $40,500 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $42,630 swing high to $38,711 low.

If there is an upside break above the trend line and then $40,000, bitcoin could rise towards $40,500. The next major resistance on the upside is near the $41,200 zone.

More Losses in BTC?


If bitcoin fails to climb above the $39,250 and $40,500 resistance levels, it could continue to move down. An initial support on the downside is near the $38,700 level.

The first major support is now near the $38,500 zone. A clear downside break below the $38,500 support might encourage the bears for more losses. The next major support is near the $37,000 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 now well below the 50 level.
Major Support Levels – $38,500, followed by $37,000.
Major Resistance Levels – $39,250, $40,000 and $40,500.


About the author

Eric Marriam is a young writer. Even though he is not experienced he is able to make really high quality work. Eric is able to identify a problem people have and break it down, able to appeal to emotion through emotive writing, can change style of writing to cater to different audience. Eric Marriam is able to work creatively and effectively with staff and managers and despite his young age, he proved to be a clear and effective writer and speaker, committed to maintaining quality and efficiency, seeking for professional growth and development.
You May Also Like