Bitcoin fell as low as $37,000. Based on analysis, as long as Bitcoin is above $38,000, there is a change of growth. Here is a summary of Bitcoin in the past 24 hours:
- Following the decline, Bitcoin lost the $39,000 and $38,000 support levels.
- Currently, BTC is under $39,000 and the 1-hour price candles are below the SMA100.
- The 1-hour chart indicates that the price managed to break the downward trendline. The resistance for the trendline is at $38,200.
- As long as the daily price candle is above $38,000, there is a chance of upward movement.
Bitcoin Price Action Analysis
Bitcoin initially broke the $39,000 and $38,000 support level during the bear run. Even the $38,500 zone was broken and the downward trend continued.
Furthermore, the price fell below $38,000 and the 1-hour price candles went below the SMA100. The lowest BTC got was $37,600 and it is now trying to compensate for the loss. During the upward movement, it regained $38,000.
Also, looking at the 1-hour chart, the resistance for the downward trendline was broken. The next resistance level will be $38,800.
This zone is located near the 23% Fibonacci retracement (from the latest fall from $42,630 to $37,660. The next crucial resistance level is at $39,500. However, the primary resistance level is the infamous $40,000 close to the SMA100.
This resistance level can be seen near the 50% Fibonacci retracement from the latest fall. If Bitcoin manages to break the $38,800 and $40,000, the next resistance will be at $41,450.
On the other hand, If Bitcoin fails to surpass $38,800 and $40,000, the bear run will continue. In that case, the $38,000 will be the first support level.
The first important support level is the $37,800. In case of failure, the chance of further decline will increase. The next support will be at $37,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a slow downward movement.
RSI: the 1-hour relative strength index is currently under 50.
Resistance levels: Respectively, the $38,880, $39,500 and the $40,000 are the resistance levels to beat.
Support levels: the $38,000 and $37,000 are the two important support levels. There will be further decline if they fail to support the price.
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