Bitcoin Price Dives Below $40K, Can Bulls Save The Day?

Bitcoin value prolonged its decline beneath the $40,000 help zone. BTC is consolidating losses and stays liable to extra downsides beneath $38,500.

• Bitcoin value is gaining bearish momentum beneath the $40,500 zone.
• The worth is buying and selling beneath $40,500 and the 100 hourly Easy transferring common.
• There’s a connecting bearish pattern line forming with resistance close to $40,850 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may right above $40,000 however the bears may stay energetic close to $40,500.

Bitcoin Worth Takes Hit

Bitcoin value remained in a bearish zone beneath the $42,000 help zone. BTC bears gained energy and have been in a position to push the worth beneath the $40,000 help zone.

A brand new weekly low was shaped close to $39,451 and the worth is now consolidating losses. It’s slowly recovering above the $39,800 degree. It’s approaching the 23.6% Fib retracement degree of the latest decline from the $42,260 swing excessive to the $39,451 low.

Bitcoin is now buying and selling beneath $40,500 and the 100 hourly Easy transferring common. Quick resistance is close to the $40,150 degree. The primary main resistance is close to the $40,850 degree. There’s additionally a connecting bearish pattern line forming with resistance close to $40,850 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

The pattern line is near the 50% Fib retracement degree of the latest decline from the $42,260 swing excessive to the $39,451 low. A transparent transfer above the $40,850 resistance may ship the worth towards the $41,250 resistance. The following resistance is now forming close to the $42,000 degree. An in depth above the $42,000 degree may push the worth additional greater. The following main resistance sits at $43,000.

Extra Downsides In BTC?

If Bitcoin fails to rise above the $40,850 resistance zone, it may proceed to maneuver down. Quick help on the draw back is close to the $39,650 degree.

The following main help is $39,500. If there’s a shut beneath $39,500, the worth may achieve bearish momentum. Within the acknowledged case, the worth may drop towards the $38,500 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Help Ranges – $39,500, adopted by $38,500.

Main Resistance Ranges – $40,500, $40,850, and $41,250.

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