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{"id":464972,"date":"2021-06-03T03:08:21","date_gmt":"2021-06-03T03:08:21","guid":{"rendered":"https:\/\/wncen.com\/?p=464972"},"modified":"2024-06-11T13:56:08","modified_gmt":"2024-06-11T13:56:08","slug":"bitcoin-still-struggling-near-38k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-still-struggling-near-38k\/","title":{"rendered":"TA: Bitcoin Still Struggling Near $38K, Here\u2019s Why 100 SMA Is The Key"},"content":{"rendered":"

Bitcoin price made another attempt to clear the $38,000 resistance against the US Dollar, but it failed. BTC is correcting lower, but it might find bids near the 100 hourly SMA.<\/em><\/p>\n

\n
Bitcoin is still facing a strong resistance near the $38,000 zone.<\/li>\n
The price is currently trading well above $36,500 and the 100 hourly simple moving average.<\/li>\n
There is a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair must stay above $36,000 and the 100 hourly SMA to remain in a positive zone.<\/li>\n<\/ul>\n
Bitcoin Price Eyes Fresh Increase<\/h2>\n
Bitcoin started a decent increase above the $36,500 resistance zone. BTC even broke the $37,000 resistance level and settled well above the 100 hourly simple moving average<\/a>.<\/p>\n
The bulls made another important attempt to surpass the $38,000 barrier. However, they failed to gain strength and a new weekly high was formed near the $38,200 level. The price is now correcting lower and it is trading below the $37,800 level.<\/p>\n
There was a break below the 23.6% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high. An immediate support on the downside is near the $37,000 level.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The 50% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high is also near the $37,000 zone to act as a support. There is also a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC\/USD pair.<\/p>\n
On the upside, an immediate resistance is near the $37,600 level. The first major resistance is near the $37,850 level. The main barrier is still near the $38,000 zone<\/a>. A clear break above the $38,000 zone is needed for a push towards the $40,000 level.<\/p>\n
Downside Break in BTC?<\/h2>\n
If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $37,000 level.<\/p>\n
The first major support is near the $36,500 level and the 100 hourly simple moving average. If there is a downside break below the $36,500 support and then the trend line, the price could start a major decline in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level.<\/p>\n
Major Support Levels \u2013 $36,500, followed by $36,000.<\/p>\n
Major Resistance Levels \u2013 $37,800, $38,000 and $40,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price made another attempt to clear the $38,000 resistance against the US Dollar, but it failed. BTC is correcting lower, but it might find bids near the 100 hourly SMA. Bitcoin is still facing a strong resistance near the $38,000 zone. The price is currently trading well above $36,500 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above $36,000 and the 100 hourly SMA to remain in a positive zone. Bitcoin Price Eyes Fresh Increase Bitcoin started a decent increase above the $36,500 resistance zone. BTC even broke the $37,000 resistance level and settled well above the 100 hourly simple moving average. The bulls made another important attempt to surpass the $38,000 barrier. However, they failed to gain strength and a new weekly high was formed near the $38,200 level. The price is now correcting lower and it is trading below the $37,800 level. There was a break below the 23.6% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high. An immediate support on the downside is near the $37,000 level. Source: BTCUSD on TradingView.com The 50% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high is also near the $37,000 zone to act as a support. There is also a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $37,600 level. The first major resistance is near the $37,850 level. The main barrier is still near the $38,000 zone. A clear break above the $38,000 zone is needed for a push towards the $40,000 level. Downside Break in BTC? If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $37,000 level. The first major support is near the $36,500 level and the 100 hourly simple moving average. If there is a downside break below the $36,500 support and then the trend line, the price could start a major decline in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level. Major Support Levels \u2013 $36,500, followed by $36,000. Major Resistance Levels \u2013 $37,800, $38,000 and $40,000.<\/p>\n","protected":false},"author":67,"featured_media":464001,"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-464972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Still Struggling Near $38K, Here\u2019s Why 100 SMA Is The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price made another attempt to clear the $38,000 resistance against the US Dollar, but it failed. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Still Struggling Near $38K, Here\u2019s Why 100 SMA Is The Key","url":"http:\/\/wncen.com\/news\/bitcoin-still-struggling-near-38k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-still-struggling-near-38k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1402375832-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1402375832-1.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-06-03T03:08:21Z","datePublished":"2021-06-03T03:08:21Z","dateModified":"2024-06-11T13:56:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Still Struggling Near $38K, Here\\u2019s Why 100 SMA Is The Key\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-still-struggling-near-38k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-still-struggling-near-38k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1402375832-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1402375832-1.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-06-03T03:08:21Z\",\"datePublished\":\"2021-06-03T03:08:21Z\",\"dateModified\":\"2024-06-11T13:56:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1402375832-1.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/464972"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=464972"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/464972\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464001"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=464972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=464972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=464972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}