Bitcoin Signals Fresh Decline, Why Dips Could Be Limited In BTC

Bitcoin price extended its upward move above the $37,500 resistance against the US Dollar. BTC failed to clear $38,500 and it is now correcting lower.

Bitcoin traded above $38,000, but it failed to continue higher above $38,500.
The price is currently well above $35,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline, but the bulls are likely to remain active near $35,000.

Bitcoin Price Correcting Gains
Bitcoin settled well above the $35,000 and extended its upward move. BTC even broke the $37,500 resistance, but the bulls failed to gain strength for a break of the $38,500 hurdle.
A high was formed near $38,425 and the price is now moving lower. It broke the $37,000 support level to start the current correction. There was a break below the 23.6% Fib retracement level of the upward wave from the $31,052 swing low to $38,423 high.
Besides, there was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD pair. However, the pair is still well above $35,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $37,000 level. The first major resistance is near the $37,500 level, above which the price likely to revisit the $38,500 resistance zone in the near term. The main resistance is still near the $40,000 level.
Dips Supported in BTC?
If bitcoin fails to clear the $37,500 resistance, it could extend its decline. An initial support on the downside is near the $36,000 level.
The first major support is near the $35,500 level. The main support is now forming near the $35,000 level and the 100 hourly SMA. It is close to the 50% Fib retracement level of the upward wave from the $31,052 swing low to $38,423 high. A downside break below the $35,000 support zone could push the price back into a bearish zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $36,000, followed by $35,000.
Major Resistance Levels – $37,500, $38,500 and $40,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 52,067.95
ethereum
Ethereum (ETH) $ 3,007.29
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 354.50
solana
Solana (SOL) $ 107.11
xrp
XRP (XRP) $ 0.558163
staked-ether
Lido Staked Ether (STETH) $ 3,000.84
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.612222
avalanche-2
Avalanche (AVAX) $ 38.14
tron
TRON (TRX) $ 0.139776
dogecoin
Dogecoin (DOGE) $ 0.085672
chainlink
Chainlink (LINK) $ 19.05
polkadot
Polkadot (DOT) $ 7.64
matic-network
Polygon (MATIC) $ 1.02
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 52,087.96
the-open-network
Toncoin (TON) $ 2.20
internet-computer
Internet Computer (ICP) $ 13.58
shiba-inu
Shiba Inu (SHIB) $ 0.000010
uniswap
Uniswap (UNI) $ 7.47
bitcoin-cash
Bitcoin Cash (BCH) $ 264.06
litecoin
Litecoin (LTC) $ 69.22
dai
Dai (DAI) $ 0.999298
immutable-x
Immutable (IMX) $ 3.40
blockstack
Stacks (STX) $ 2.84
kaspa
Kaspa (KAS) $ 0.178550
leo-token
LEO Token (LEO) $ 4.35
cosmos
Cosmos Hub (ATOM) $ 10.20
bittensor
Bittensor (TAO) $ 616.54
ethereum-classic
Ethereum Classic (ETC) $ 27.03
filecoin
Filecoin (FIL) $ 7.41
optimism
Optimism (OP) $ 3.90
hedera-hashgraph
Hedera (HBAR) $ 0.106880
aptos
Aptos (APT) $ 9.47
near
NEAR Protocol (NEAR) $ 3.33
stellar
Stellar (XLM) $ 0.116854
injective-protocol
Injective (INJ) $ 36.09
vechain
VeChain (VET) $ 0.043726
okb
OKB (OKB) $ 51.08
lido-dao
Lido DAO (LDO) $ 3.34
celestia
Celestia (TIA) $ 17.64
first-digital-usd
First Digital USD (FDUSD) $ 0.996930
arbitrum
Arbitrum (ARB) $ 1.96
mantle
Mantle (MNT) $ 0.763249
crypto-com-chain
Cronos (CRO) $ 0.091701
render-token
Render (RNDR) $ 6.39
sei-network
Sei (SEI) $ 0.907321
the-graph
The Graph (GRT) $ 0.242987
monero
Monero (XMR) $ 125.16
sui
Sui (SUI) $ 1.69