Bitcoin News: The levels to watch today for Bitcoin, which did not reach $40,000, are expected to be as follows: Bitcoin price climbed above the $38,000 resistance against the US Dollar, but failed around $39,500. The decline could gain momentum if BTC corrects lower to the downside and breaks the $37,000 support.
There was no break above $39,500 and $40,000 expected for Bitcoin and no upward momentum. The coin is currently trading above $37,000 and the 100 hourly simple moving average. We can see that there is a major bullish channel forming with support near $37,400 on the hourly chart of the BTC/USD pair. The pair must stay above $37,000 and the 100 hourly SMA to avoid a major drop.
At what levels does a negative breakout occur in BTC?
If bitcoin fails to break the $38,500 resistance, it could extend its decline. An initial support on the downside could come near the $37,500 level. The first major support is near the $37,200 level and the 100 hourly simple moving average. If there is a downside break below the $37,200 support and $37,000 support, the price could start a sharp decline towards $35,000.
technical indicators for bitcoin
Looking at the hourly MACD, we now see that it is gaining momentum in the bearish zone. The hourly RSI (Relative Strength Index) is below the 50 level. In Bitcoin, where the main support level is $ 37,200, then $ 37,000, the main resistance levels are $ 38,500, $ 39,500 and $ 40,000.