{"id":482853,"date":"2022-02-04T03:08:20","date_gmt":"2022-02-04T03:08:20","guid":{"rendered":"https:\/\/wncen.com\/?p=482853"},"modified":"2024-06-11T10:37:04","modified_gmt":"2024-06-11T10:37:04","slug":"bitcoin-topside-bias-vulnerable-38k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-topside-bias-vulnerable-38k\/","title":{"rendered":"TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K"},"content":{"rendered":"
Bitcoin stayed above the $36,000 support zone against the US Dollar. BTC is now rising, but it could face hurdles near $37,800 and $38,000.<\/em><\/p>\n Bitcoin price started a steady decline<\/a> from well above the $38,000 level. BTC traded below the $37,000 level and settled below the 100 hourly simple moving average.<\/p>\n However, the bulls were active above the $36,000 and $36,200 levels. A low was formed near $36,300 and the price is now correcting losses. There was a clear move above the $37,000 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $39,290 swing high to $36,300 low.<\/p>\n Bitcoin is now consolidating near the $37,500 level. It is still trading below $38,000 and the 100 hourly simple moving average<\/a>. On the upside, an initial resistance is near the $37,600 level.<\/p>\n The first major resistance is near the $37,800 zone. There is also a key bearish trend line forming with resistance near $37,800 on the hourly chart of the BTC\/USD. The trend line is near the 50% Fib retracement level of the downward move from the $39,290 swing high to $36,300 low.<\/p>\n <\/a><\/p>\n The 100 hourly simple moving average could also act as a hurdle near $37,800. A clear move above the trend line resistance and $38,000 could set the pace for a steady increase.<\/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 $37,000 zone.<\/p>\n The first major support is seen near the $36,300 zone. Any more losses might call for a move towards the $36,000 support zone. If the bulls fail to protect $36,000, there could be a sharp decline in the near term.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $36,300, followed by $36,000.<\/p>\n Major Resistance Levels \u2013 $37,800, $38,000 and $39,250.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin stayed above the $36,000 support zone against the US Dollar. BTC is now rising, but it could face hurdles near $37,800 and $38,000. Bitcoin started a decent recovery wave from the $36,400 zone. The price is still trading below $38,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $37,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must clear $37,800 and $38,000 to start a steady increase in the near term. Bitcoin Price Corrects Losses Bitcoin price started a steady decline from well above the $38,000 level. BTC traded below the $37,000 level and settled below the 100 hourly simple moving average. However, the bulls were active above the $36,000 and $36,200 levels. A low was formed near $36,300 and the price is now correcting losses. There was a clear move above the $37,000 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $39,290 swing high to $36,300 low. Bitcoin is now consolidating near the $37,500 level. It is still trading below $38,000 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,600 level. The first major resistance is near the $37,800 zone. There is also a key bearish trend line forming with resistance near $37,800 on the hourly chart of the BTC\/USD. The trend line is near the 50% Fib retracement level of the downward move from the $39,290 swing high to $36,300 low. Source: BTCUSD on TradingView.com The 100 hourly simple moving average could also act as a hurdle near $37,800. A clear move above the trend line resistance and $38,000 could set the pace for a steady increase. Fresh Decline 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 $37,000 zone. The first major support is seen near the $36,300 zone. Any more losses might call for a move towards the $36,000 support zone. If the bulls fail to protect $36,000, there could be a sharp decline in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $36,300, followed by $36,000. Major Resistance Levels \u2013 $37,800, $38,000 and $39,250.<\/p>\n","protected":false},"author":67,"featured_media":463052,"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-482853","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 Corrects Losses<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Decline in BTC?<\/h2>\n