Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could drop drastically if there is a clear break below $37,000 and $36,500.
In Bitcoin price range
Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels.
The price is currently trading near $ 38,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair.
The pair could drop heavily if it settles below the $ 37,000 support and the 100 hourly SMA.
If Bitcoin fails to break the $40,000 resistance, it risks a downside break. Initial support on the downside is near the $ 37,500 level.
The first major support is located near the $ 36,000 pivot level. It is near the 50% Fib retracement level of the move from the $ 31,088 low to $ 40,923. If there is a negative break below the $ 36,000 support, the price could drop towards the $ 34,000 support zone in the coming sessions.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $37,000 followed by $36,000.
Major Resistance Levels – $ 39,500, $ 40,000 and $ 40,500.