Bitcoin

Bitcoin price failed to clear the $37,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more losses below $34,000.

Bitcoin is facing a lot of hurdles near the $36,000 and $37,000 resistance levels.
The price is currently trading well below $37,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline heavily if it settles below the $34,000 support and $33,200.

Bitcoin Price Turns Red
Bitcoin made a couple of attempts to clear the $37,000 resistance zone, but it failed. The last swing low was formed near $33,650 before BTC corrected higher.
It broke the $34,000 and $35,000 resistance levels. There was also a break above the 23.6% Fib retracement level of the downward move from the $40,417 high to $33,650 low. The price is now struggling to clear the $36,000 resistance level.
Bitcoin is also trading well below $37,000 and the 100 hourly simple moving average. Moreover, there is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $35,500 level. The first major resistance is near the $36,000 level and the trend line. The next major resistance is near the $37,000 level. It is close to the 50% Fib retracement level of the downward move from the $40,417 high to $33,650 low.
A close above the $37,000 resistance zone could open the doors for a steady increase. The next major barrier for the bulls is near $40,000 level.
More Losses in BTC?
If bitcoin fails to clear the $36,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $34,500 level.
The first major support is near the $34,000 level. If there is a downside break below the $34,000 support, the price could decline towards the $32,000 support zone in the coming sessions. Any more losses could clear the path for a test of the $30,000 level.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $34,000, followed by $32,000.
Major Resistance Levels – $35,500, $36,000 and $37,000.

Eric Guerr

By Eric Guerr

Eric is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood, and loves listening to folk music.