The price of bitcoin failed to clear $ 37,000 resistance against the US dollar. BTC is declining and it is still at risk of losses below $ 34,000.
- Bitcoin is facing several hurdles near the $36,000 and $37,000 resistance levels.
- The price is currently trading below $ 37,000 and below the 100-hour simple moving average.
- The BTC / USD pair has a major bearish trend line on the hourly chart with resistance near $ 36,000 (data feed from Kraken).
- If it breaks below the support of $34,000 and $33,200, the pair may face a sharp decline.
Bitcoin price is red
Bitcoin made some attempts to clear the $ 37,000 resistance zone, but it was unsuccessful. The final swing low was made near $ 33,650 before BTC’s high correction.
It broke resistance levels of $ 34,000 and $ 35,000. It also broke from the 23.6% Fibonacci retracement level from a high of $ 40,417 to a low of $ 33,650. Price is now struggling to clear a resistance level of $ 36,000.
Bitcoin is also trading below $ 37,000 and 100-hour moving average. In addition, on the BTC / USD pair’s hourly chart, there is a major bearish trend line, with resistance near $ 36,000.
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. This is close to a 50% Fibonacci retreatment downward from a high of $ 40,417 to a low of $ 33,650.
$ 37,000 could open the door to a steady rise above the resistance zone. The next major barrier for bulls is near the $ 40,000 level.
More loss in BTC?
If bitcoin fails to clear the resistance level of $ 36,000, there is a risk of 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 the price breaks below the $ 34,000 support level, the price may fall towards the $ 32,000 support area in the coming sessions. Any further damage could clear the way for the $ 30,000 level test.
Hourly MACD – MACD is slowly gaining momentum in the region of recession.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Level – $ 37,000, followed by $ 32,000.
Major resistance levels – $ 35,500, $ 36,000 and $ 37,000.