By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BlockscrollBlockscroll
Notification Show More
Latest News
Zuckerberg's Pursuit of Metaverse Reality Costs $13.7B
Zuckerberg’s Pursuit of Metaverse Reality Costs $13.7B
Press Release
According to JPMorgan Survey: 72% of Institutional Investors Avoid Crypto
According to JPMorgan Survey: 72% of Institutional Investors Avoid Crypto
Crypto
The Indian Government Announces New Crypto Tax Penalties
The Indian Government Announces New Crypto Tax Penalties
Crypto
Woah! Dogecoin Whales Made 523 Transactions as DOGE Soars 34%!
Woah! Dogecoin Whales Made 523 Transactions as DOGE Soars 34%!
Crypto
More than 300,000 Changsha Merchants Adopted Digital Yuan
Crypto
Aa
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
Reading: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K
Share
BlockscrollBlockscroll
Aa
Search
Have an existing account? Sign In
Follow US
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Blockscroll > Bitcoin > Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K
Bitcoin

Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K

Teresa Bach
Last updated: 2022/11/19 at 11:55 AM
By Teresa Bach 12 months ago
Share
3 Min Read
Bitcoin
SHARE

Bitcoin stayed above the $36,000 support zone against the US Dollar. BTC is now rising, but it could face hurdles near $37,800 and $38,000.

Bitcoin started a decent recovery wave from the $36,400 zone.
The price is still trading below $38,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $37,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear $37,800 and $38,000 to start a steady increase in the near term.

Bitcoin Price Corrects Losses
Bitcoin price started a steady decline from well above the $38,000 level. BTC traded below the $37,000 level and settled below the 100 hourly simple moving average.
However, the bulls were active above the $36,000 and $36,200 levels. A low was formed near $36,300 and the price is now correcting losses. There was a clear move above the $37,000 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $39,290 swing high to $36,300 low.
Bitcoin is now consolidating near the $37,500 level. It is still trading below $38,000 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,600 level.
The first major resistance is near the $37,800 zone. There is also a key bearish trend line forming with resistance near $37,800 on the hourly chart of the BTC/USD. The trend line is near the 50% Fib retracement level of the downward move from the $39,290 swing high to $36,300 low.

Source: BTCUSD on TradingView.com
The 100 hourly simple moving average could also act as a hurdle near $37,800. A clear move above the trend line resistance and $38,000 could set the pace for a steady increase.
Fresh Decline in BTC?
If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $37,000 zone.
The first major support is seen near the $36,300 zone. Any more losses might call for a move towards the $36,000 support zone. If the bulls fail to protect $36,000, there could be a sharp decline in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $36,300, followed by $36,000.
Major Resistance Levels – $37,800, $38,000 and $39,250.

You Might Also Like

Bitcoin Soars to Record Heights with its Best January in Last 10 Years

Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted

Bahrain’s Top Real Estate Developer Accepts Bitcoin and Shiba Inu Payments

Russia Proposes a Ban on Cryptocurrency Mining in Residential Areas

Crypto Price Update: Bitcoin and Ethereum Price Drops and Meme Coins Fall

Teresa Bach February 4, 2022
Share this Article
Facebook Twitter Email Print
Share
Teresa Bach
By Teresa Bach
Teresa is a crypto writer. She 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.
Previous Article Ethereum Ethereum Below This Support Could Spark Another Sharp Decline
Next Article IggyBoy NFT is listed on Crypto.com IggyBoy NFT is listed on Crypto.com
BlockscrollBlockscroll
Follow US

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?