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Thursday, February 16, 2023
HomeNewsBitcoin Turns Crimson, Why BTC Might Dive Under $39K

Bitcoin Turns Crimson, Why BTC Might Dive Under $39K

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Bitcoin began one other decline beneath the $40,000 stage in opposition to the US Dollar. BTC may prolong losses if it stays beneath the $40,000 resistance zone.

  • Bitcoin began one other decline after it didn’t clear the $40,000 resistance zone.
  • The worth is now buying and selling beneath $39,500 and the 100 hourly easy shifting common.
  • There is a key bearish pattern line forming with resistance close to $39,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a serious decline if there’s a shut beneath the $38,800 stage.

Bitcoin Price Gains Bearish Momentum

Bitcoin worth settled beneath the $40,500 stage to maneuver right into a bearish zone. BTC traded beneath the $40,000 assist stage and settled beneath the 100 hourly easy shifting common to maneuver right into a bearish zone.

The worth even traded beneath the $39,200 assist stage. A low is shaped close to $38,700 and the value is now consolidating losses. An rapid resistance on the upside is close to the $39,500 stage. There can also be a key bearish pattern line forming with resistance close to $39,500 on the hourly chart of the BTC/USD pair.

The subsequent key resistance could possibly be $39,700 or the 23.6% Fib retracement stage of the latest decline from the $42,950 swing excessive to $38,700 low.

The first main resistance is now forming close to the $40,000 stage. The major resistance sits close to $40,500 and the 100 hourly easy shifting common. To begin a robust upward transfer, the value should settle above the $40,500 zone and the 100 hourly easy shifting common.

Source: BTCUSD on TradingView.com

In the said case, the value may even surpass the 50% Fib retracement stage of the latest decline from the $42,950 swing excessive to $38,700 low.

More Losses in BTC?

If bitcoin fails to clear the $40,000 resistance zone, it may proceed to maneuver down. An rapid assist on the draw back is close to the $39,000 stage.

The subsequent main assist is seen close to the $38,800 stage. A draw back break beneath the $38,800 zone may ship the value in direction of the $37,500 assist zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

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

Major Support Levels – $39,000, adopted by $38,800.

Major Resistance Levels – $39,500, $39,800 and $40,000.

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