NewsBTC 2022-01-21 03:08:34

TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term

Bitcoin started a strong decline from the $43,500 resistance against the US Dollar. BTC remains at a risk of more downsides below the $39,200 support. Bitcoin started a major decline after it failed to clear the $43,500 resistance. The price is still trading below $41,000 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $42,000 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 $39,200 support. Bitcoin Price Declines Heavily Bitcoin price gained pace for a move above the $42,500 level. However, BTC struggled to gain pace for a move above the $43,500 resistance zone. A high was formed near $43,497 before the bears appeared. As a result, there was a fresh decline below the $42,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $42,000 on the hourly chart of the BTC/USD pair. There was a fresh decline below the $41,200 support zone. Bitcoin even declined below the $40,000 support zone. A low is formed near $39,261 and the price is now consolidating losses. On the upside, an initial resistance is near the $40,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $43,497 swing high to $39,261 low. The first major resistance is near the $40,500 level. An upside break above the...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.
Helpful Resources: AWDSportsCars.com | GardenGay.com | MoviesNTVSeries.com | MuzicFanatic.com