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Blockscroll > Bitcoin > Bitcoin Dips From $40K, Here’s Why Uptrend Is Still Intact In BTC
Bitcoin

Bitcoin Dips From $40K, Here’s Why Uptrend Is Still Intact In BTC

Eric Guerr
Last updated: 2022/11/19 at 11:58 AM
By Eric Guerr 2 years ago
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3 Min Read
Bitcoin
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Bitcoin price started a downside correction from well above $40,000 against the US Dollar. BTC is now trading near a major support at $38,000, where the bulls are currently active.

Bitcoin started a downside correction after it failed to stay above $40,000.
The price is currently just below $39,000 and the 100 hourly simple moving average.
There was a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to start a fresh increase unless there is a close below the $38,000 support=.

Bitcoin Price Revisits Key Support
Bitcoin topped near the $41,350 before it started a downside correction. BTC consolidated above $40,000 for some time before the bulls failed to protect the mentioned support zone.
The price declined below the $40,000 and $39,500 support levels. There was also a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair. The pair even broke the $38,500 support level and the 100 hourly simple moving average.
However, the bulls are protecting the $38,000 support zone (the last breakout zone). The price is now consolidating above the $38,000 level. It is also just below $39,000 and the 100 hourly simple moving average. The 23.6% Fib retracement level of the recent decline from the $41,350 swing high to $38,154 low is also near the 100 hourly SMA.

Source: BTCUSD on TradingView.com
The first major resistance is near the $39,750 level. It is close to the 50% Fib retracement level of the recent decline from the $41,350 swing high to $38,154 low.
The main resistance is now forming near the $40,000 zone. A clear upside break above the $40,000 zone is likely to set the pace for a fresh rally in the near term.
More Losses in BTC?
If bitcoin fails to clear the $39,750 resistance and $40,000, it could extend its decline. An initial support on the downside is near the $38,150 level.
The first major support is near the $38,000 level. A downside break below the recent low and the $38,000 level could open the doors for a larger decline towards $36,500.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising towards the 50 level.
Major Support Levels – $38,150, followed by $38,000.
Major Resistance Levels – $39,500, $39,750 and $40,000.

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Eric Guerr June 17, 2021
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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.
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