Bitcoin price failed to clear the $ 37,500 and $ 37,800 resistance levels against the US Dollar. BTC is currently falling and could continue to drop towards $ 34,000 or $ 33,000.
Bitcoin is facing strong resistance near the $ 37,800 and $ 38,000 resistance levels.
The price is currently trading below the $ 36,500 support and the 100 hourly simple moving average.
There was a break below a major contract triangle with support near $ 36,500 on the hourly chart of the BTC / USD pair.
The pair shows bearish signs and could drop to $ 34,000 or $ 33,000.
Bitcoin price goes down
After another failed attempt above the $ 37,000 resistance, the bitcoin price started a new decline. A swing high was formed around $ 37,861 before the price dropped.
It broke the $ 37,000 and $ 36,800 support levels. More importantly, there was a break below a major contract triangle with support near $ 36,500 on the hourly chart of the BTC / USD pair. The price is currently trading below the $ 36,500 support and the 100 hourly simple moving average.
If bitcoin price fails to stay above the $ 38,850 support, it may continue to decline towards $ 35,000. The next major support is near the $ 34,800 level, below which the price is likely to drop towards the $ 33,200 support zone in the coming sessions.
If Bitcoin starts a new upward move, the initial resistance is near the $ 36,350 level and the 100 hourly simple moving average. The first major resistance is near the $ 36,800 level.
The main resistance on the upside is still above the $ 37,000 zone with $ 37,500 and $ 37,800. A successful close above the $ 37,000 resistance followed by a follow-up move above $ 37,500 could open the doors for a larger increase in the near term.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 50 level.
Support Levels – $ 35,800 followed by $ 34,800.
Resistance Levels – $ 36,800, $ 37,000 and $ 37,500.