Bitcoin Steady Near $40K – Quick Technical Outlook
Bitcoin has yet to break through the $41,500 resistance level against the US Dollar. In case there’s a move below the $39,200 support zone, BTC’s losses could be extended. BITCOIN made another unsuccessful attempt to break through the $41,500 barrier. The price is currently trading below $41,000 as well as the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, there was a break below a key bullish trend line with support near $40,400. If the pair closes below the $40,000 support zone on a daily basis, the decline could be extended.
Bitcoin’s Price Has Retraced Its Gains
Bitcoin’s price has risen above the $41,000 resistance level. BTC even broke through the $41,400 barrier and attempted to break through the $41,500 resistance zone.
On the other hand, the bears were active near the $41,500 level. A high was formed near $41,548, and the price began to fall again. The price has clearly moved below the $41,000 support level. The price fell below the 50 percent Fib retracement level of the recent increase from the swing low of $39,269 to the high of $41,548.
Furthermore, on the hourly chart of the BTC/USD pair, there was a break below a key bullish trend line with support near $40,400. The pair is currently trading below $41,000 as well as the 100 hourly simple moving average.
It also fell below the 76.4 percent Fib retracement level of the recent increase from the swing low of $39,269 to the high of $41,548. On the upside, immediate resistance is near the $40,200 level. The next significant resistance level could be $40,400 and the 100 hourly SMA.
If the bulls can break through the $40,400 and $40,500 resistance levels, the price could begin to rise. In the aforementioned scenario, the price may rise towards the $41,000 resistance zone. Any further gains could set the stage for a near-term move towards the key $41,500 level.
More Bitcoin Losses?
If Bitcoin fails to break through the $40,400 resistance level, it may begin a new decline. On the downside, there is immediate support near $39,650.
The next significant support is seen near $39,250. A break below the $39,250 support level could hasten losses. In the aforementioned scenario, the price could fall to $38,500 or even $37,750.
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