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: TA: Bitcoin Remains In Range, Here’s What Could Trigger A Strong Move
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 > TA: Bitcoin Remains In Range, Here’s What Could Trigger A Strong Move
Bitcoin

TA: Bitcoin Remains In Range, Here’s What Could Trigger A Strong Move

Eric Guerr
Last updated: 2022/11/19 at 11:58 AM
By Eric Guerr 2 years ago
Share
3 Min Read
SHARE

Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500.

Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels.
The price is currently trading near $38,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline heavily if it settles below the $37,000 support and the 100 hourly SMA.

Bitcoin Price is Facing Key Hurdles
Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance. However, BTC failed to continue higher and it remained in a key range below $40,500.
The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average.
There is also a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair. If bitcoin stays above the triangle support trend line, it could start a fresh increase above $39,000.

Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term.
More Losses in BTC?
If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $37,500 level.
The first major support is near the $36,000 pivot level. It is near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the coming sessions.
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 – $37,000, followed by $36,000.
Major Resistance Levels – $39,500, $40,000 and $40,500.

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

Eric Guerr May 28, 2021
Share this Article
Facebook Twitter Email Print
Share
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.
Previous Article Earlier crypto hater billionare Carl Icahn to invest $1.5B in Ethereum
Next Article Hello Pal Becomes First Listed Canadian Firm To Buy Doge Mining Startup
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?