Bitcoin price started a downside correction from the $ 41,000 zone against the US Dollar. BTC is struggling to stay above $ 38,000 and will likely continue towards lower levels.
Bitcoin failed to stay above the $ 40,000 pivot level and started a fresh decline.
The price is struggling to stay above $ 38,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $ 38,550 on the hourly chart of the BTC / USD pair.
The pair is likely to continue to decline unless there is strong movement above $ 39,200.
Bitcoin price shows bearish signs
After trading above the $ 40,000 level, Bitcoin price was unable to extend the gains. BTC traded close to $ 41,000 and recently started a new decline. There was a break below the $ 40,000 and $ 39,200 support levels.
The price even broke below the $ 38,600 support level and the 100 hourly simple moving average. There was also a break below a key bullish trend line with support near $ 38,550 on the hourly chart of the BTC / USD pair.
If there is an upside break above the trendline resistance, the price could initiate a good recovery towards $ 40,000. Conversely, the Bitcoin price may continue its decline below $ 38,000. The next key support is near the $ 37,400 level where the price could drop towards the $ 36,000 support zone.
If Bitcoin manages to stay above $ 38,000 or $ 37,500, it could initiate a new increase. Initial resistance is near the $ 38,800 zone and the bearish trend line.
A clear break above trendline resistance followed by a follow-up move above $ 39,200 could trigger a steady increase in the coming sessions.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 50 level.
Major Support Levels – $ 38,000 followed by $ 37,500.
Major Resistance Levels – $ 38,800, $ 39,200 and $ 40,000.