Bitcoin is selling a bearish zone listed below $39,000 versus the United States Dollar. If it continues to have a hard time listed below $39,500, BTC might speed up lower.

.Bitcoin is revealing bearish indications listed below the $40,000 and $39,000 levels.The rate is trading listed below $39,500 and the 100 per hour easy moving average.There is an important bearish pattern line forming with resistance near $38,550 on the per hour chart of the BTC/USD set (information feed from Kraken).The set may speed up lower unless the bulls able to press the rate above $39,550.Bitcoin Price Keeps Struggling.

Bitcoin cost stayed in a bearish zone listed below the $40,000 assistance zone. BTC tried a healing wave from the $38,500 zone, however the cost remained listed below the$ 39,550 resistance.

Recently, the rate saw a fresh decrease from the $39,550 resistance zone and the 100 per hour basic moving average. There was a clear relocation listed below the $38,800 and $38,500 assistance levels. The decrease extended listed below the $38,000 assistance zone.

A low is formed near $37,625 and the cost is now combining losses. Bitcoin is gradually moving greater and trading above the 23.6% Fib retracement level of the current decrease from the $39,499 swing high to $37,625 low.

The very first significant resistance on the benefit is near the $38,550 zone. There is likewise a vital bearish pattern line forming with resistance near $38,550 on the per hour chart of the BTC/USD set. The pattern line accompanies the 50% Fib retracement level of the current decrease from the $39,499 swing high to $37,625 low.

.Source: BTCUSD on TradingView.com.

If there is a clear relocation above the $38,550 resistance zone, the cost may increase even more. The next significant resistance sits near the $39,550 level, above which there are opportunities of a consistent boost. In the specified case, the rate might even try a relocation above the $40,000 resistance zone.

.More Losses in BTC?

If bitcoin stops working to clear the $38,550 resistance zone, it might continue to move down. An instant assistance on the disadvantage is near the $37,800 zone.

The next significant assistance is seen near the $37,650 level. The primary assistance sits near the $37,150 level. The rate may acquire bearish momentum if there is a disadvantage break listed below the $37,150 assistance. In the mentioned case, it might nosedive towards the $36,500 level or perhaps $36,000.

Technical indications:

Hourly MACD –– The MACD is now losing speed in the bearish zone.

Hourly RSI (Relative Strength Index) –– The RSI for BTC/USD is now listed below the 50 level.

Major Support Levels –– $37,650, followed by $37,150.

Major Resistance Levels –– $38,550, $39,550 and $40,000.

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