Bitcoin Turns Bearish, Bears In Control Below $40K!
Bitcoin started a strong decline below the $40,000 support against the US Dollar. BTC might recover, but upsides might be limited above $38,000.
Bitcoin started a major decline below the $40,000 and $38,000 support levels.
The price is now trading below $38,000 and the 100 hourly simple moving average.
There is a key bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if there is a break below the $34,000 support.
Bitcoin price started a major decline below the $42,000 and $40,000 support levels. BTC gained pace below the $38,000 level to move further into a bearish zone.
It traded as low as $34,007 and is currently consolidating losses. It is now trading below $38,000 and the 100 hourly simple moving average.
On the upside, an initial resistance is near the $36,200 level. There is also a key bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $43,500 swing high to $34,007 low.
The first major resistance is near the $36,800 level. An upside break above the $36,800 resistance could start a steady recovery wave towards $38,000.