Bitcoin price fell below $40,000 with a new downtrend. Currently, Bitcoin is having a recovery and could likely dip all the way down to $35,000. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin price lost the $40,000 and $39,000 support levels.
- Currently, BTC is trading below $40k and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we see a new downtrend with resistance level at $38,500.
- In case BTC doesn’t take $39,000 back, there will be further decline to dollow.
Bitcoin Price Action Analysis
Bitcoin price fails to stabilize above $42,000 hence a now downtrend followed. With that, the price quickly fell below $40,000 of course a bearish phase.
As the downtrend gained momentum, BTC lost the $39,000 and the SMA100. At some point, it dipped below $38,000 and reached $37,801. Likely, BTC could go even further down for short-term.
In case of a recovery pattern, BTC must surpass $38,500 which is near the 23.6% Fibonacci retracement level. Furthermore, we have a new downtrend forming on the a-hour chart with resistance level at $38,500. The first crucial resistance level is at $39,800 which is near the 50% Fibonacci retracement level. In case of a successful break through from $39,800, BTC can show some bullish action. In which case, the next key resistance level is at $40,500 and the SMA100.
On the other hand, if Bitcoin price fails to surpass $38,500, the downtrend will likely continue. For this scenario, the first support level will be $37,800 followed by $37,400.
Dipping below the $37,400 could form a new downtrend. Subsequently, BTC can dip as low as $35,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently 30.
Resistance levels: Right now, the $38,500 $39,800 and $40,000 are the crucial resistance levels for BTC.
Support levels: The $37,800 and $37,400 are currently the key support levels for the price.
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