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Bitcoin price faces several strong hurdles around $ 36,750 and $ 37,800 against the US Dollar. BTC could drop significantly if it breaks the $ 34,800 support zone.
Bitcoin is struggling to gain bullish momentum above the $ 36,750 and $ 38,000 resistance levels.
The price is currently trading well below $ 38,000 and the 100 hourly simple moving average.
There is a major bearish trend line showing resistance around $ 36,400 on the hourly chart of the BTC / USD pair.
If the pair fails to stay above the $ 34,800 support zone, it will begin to decline towards the lower levels.
Bitcoin price shows several bearish signs
After an unsuccessful attempt to move above $ 38,000, the Bitcoin price started another decline. BTC broke the $ 36,400 and $ 35,500 support levels to move into a short-term bearish zone.
The price even came below $ 34,500 and dropped below the 100 hourly simple moving average. A low was formed around $ 33,930 before the price started a reasonable upward move. Moving above $ 35,500, BTC seems to be facing strong resistance near $ 36,750.
There is also a major bearish trend line with resistance near $ 36,400 on the hourly chart of the BTC / USD pair. On the downside, the initial support is near the $ 35,800 level.
If Bitcoin remains above the $ 35,800 and $ 35,400 support levels, there is a chance for an upside breakout. The first major resistance is near the $ 36,750 level.
The main resistance is currently forming near the $ 37,800 and $ 38,000 levels. In the near term, a close above the $ 38,000 level is necessary to start a strong increase towards $ 40,000 or higher.
Technical indicators
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is trying to stay above the 50 level.
Support Levels – $ 35,400 followed by $ 34,000.
Resistance Levels – $ 36,750, $ 37,800 and $ 38,000.
