August 17, 2022

Bitcoin continues to be struggling beneath $41,500 towards the US Greenback. BTC stays at a threat of extra downsides beneath the $39,000 help zone.

  • Bitcoin is exhibiting bearish indicators beneath the $40,500 and $41,500.
  • The value is now buying and selling beneath $40,500 and the 100 hourly easy transferring common.
  • There’s a key bearish development line forming with resistance close to $40,180 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may lengthen decline if there’s a clear transfer beneath the $39,000 help zone.

Bitcoin Value Resumes Decline

Bitcoin worth remained beneath the important thing $41,500 resistance zone. BTC appears to be buying and selling in a variety above the $39,000 stage and beneath the $41,500 resistance zone.

The final swing low was fashioned close to $39,600 earlier than the value began an upside correction. There was a transfer above the $40,000 resistance zone. The value climbed above the 23.6% Fib retracement stage of the downward transfer from the $41,548 swing excessive to $39,600 low.

Nevertheless, the value confronted a powerful resistance close to the $40,500 stage and the 100 hourly easy transferring common. Bitcoin additionally struggled close to the 50% Fib retracement stage of the downward transfer from the $41,548 swing excessive to $39,600 low.

There’s additionally a key bearish development line forming with resistance close to $40,180 on the hourly chart of the BTC/USD pair. A right away resistance on the upside is close to the $40,200 stage.

Supply: BTCUSD on TradingView.com

The following key resistance might be $40,380 and the 100 hourly SMA. To start out a restoration wave, the value should clear the $40,380 zone and the 100 hourly SMA. Within the acknowledged case, the value could maybe rise in the direction of the $40,850 resistance zone. Any extra positive factors may set the tempo for a transfer in the direction of the primary $41,500 hurdle within the close to time period.

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Extra Losses in BTC?

If bitcoin fails to clear the $40,180 resistance zone, it may begin one other decline. A right away help on the draw back is close to the $39,600 stage.

The following main help is seen close to the $39,180 stage. A draw back break beneath the $39,180 help zone may speed up losses. Within the acknowledged case, the value may decline in the direction of the $38,800 stage and even $38,500.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $39,600, adopted by $39,180.

Main Resistance Ranges – $40,180, $40,400 and $41,500.