{"id":485265,"date":"2022-03-07T03:18:02","date_gmt":"2022-03-07T03:18:02","guid":{"rendered":"https:\/\/wncen.com\/?p=485265"},"modified":"2024-06-11T14:18:03","modified_gmt":"2024-06-11T14:18:03","slug":"bitcoin-resumes-decline-35k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-resumes-decline-35k\/","title":{"rendered":"TA: Bitcoin Resumes Decline, Why BTC Could Revisit $35K"},"content":{"rendered":"
Bitcoin started a fresh decline below $40,000 against the US Dollar. BTC is gaining bearish momentum and could even drop to the $35,000 support.<\/em><\/p>\n Bitcoin price started another major decline<\/a> after it failed to stay above the $42,000 support. BTC broke many important supports near $40,000 to enter a bearish zone.<\/p>\n The price gained bearish momentum below the $39,000 level and the 100 hourly simple moving average<\/a>. It even declined below the $38,000 support level and traded as low as $37,801. The current price action suggests more downsides below $37,800.<\/p>\n If there is an upside correction, bitcoin price might face resistance near the $38,500 level. It is close to the 23.6% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.<\/p>\n There is also a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC\/USD pair. The first key resistance is near the $39,800 level. It is close to the 50% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.<\/p>\n <\/a><\/p>\n A clear move above the trend line resistance and then a move above $39,800 might start a steady increase. The next major resistance for the bulls may possibly be near the $40,500 level and the 100 hourly simple moving average.<\/p>\n If bitcoin fails to clear the $38,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone.<\/p>\n The next major support is seen near the $37,400 level. If there is a downside break below the $37,400 support, the price might start a major decline. In the stated case, there is a risk of a move towards the $35,000 level.<\/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 near the 30 level.<\/p>\n Major Support Levels \u2013 $37,800, followed by $37,400.<\/p>\n Major Resistance Levels \u2013 $38,500, $39,800 and $40,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin started a fresh decline below $40,000 against the US Dollar. BTC is gaining bearish momentum and could even drop to the $35,000 support. Bitcoin started a fresh decline below the $40,000 and $39,000 levels. The price is trading below $40,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might continue to move down towards $35,000 unless it recovers above $39,000. Bitcoin Price Extends Decline Bitcoin price started another major decline after it failed to stay above the $42,000 support. BTC broke many important supports near $40,000 to enter a bearish zone. The price gained bearish momentum below the $39,000 level and the 100 hourly simple moving average. It even declined below the $38,000 support level and traded as low as $37,801. The current price action suggests more downsides below $37,800. If there is an upside correction, bitcoin price might face resistance near the $38,500 level. It is close to the 23.6% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low. There is also a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC\/USD pair. The first key resistance is near the $39,800 level. It is close to the 50% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low. Source: BTCUSD on TradingView.com A clear move above the trend line resistance and then a move above $39,800 might start a steady increase. The next major resistance for the bulls may possibly be near the $40,500 level and the 100 hourly simple moving average. More Losses in BTC? If bitcoin fails to clear the $38,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone. The next major support is seen near the $37,400 level. If there is a downside break below the $37,400 support, the price might start a major decline. In the stated case, there is a risk of a move towards the $35,000 level. 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 near the 30 level. Major Support Levels \u2013 $37,800, followed by $37,400. Major Resistance Levels \u2013 $38,500, $39,800 and $40,000.<\/p>\n","protected":false},"author":67,"featured_media":449828,"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-485265","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 Extends Decline<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses in BTC?<\/h2>\n