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Thursday, May 19, 2022
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    HomeMarketBitcoin Faces Rejection, Why BTC is Vulnerable Below $38K

    Bitcoin Faces Rejection, Why BTC is Vulnerable Below $38K

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    Bitcoin didn’t clear the $39,500 resistance zone in opposition to the US Greenback. BTC began a recent decline and is exhibiting bearish indicators under $38,000.

    • Bitcoin failed to achieve energy above the $39,000 degree and stayed under $40,000.
    • The value is buying and selling under $38,500 and the 100 hourly easy transferring common.
    • There was a break under a key rising channel with help close to $38,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair stays at a danger of extra downsides under the $36,300 help zone.

    Bitcoin Worth Wrestle Continues

    Bitcoin worth began an upside correction above the $38,000 resistance. BTC was capable of clear the $38,500 resistance and the 100 hourly easy transferring common.

    Nevertheless, the worth struggled to achieve energy above the $39,000 degree. It even stayed nicely under the $40,000 resistance zone. A excessive was fashioned close to $39,250 and the worth began a recent decline. There was a pointy decline under the $38,500 degree and the 100 hourly simple moving average.

    Moreover, there was a break under a key rising channel with help close to $38,250 on the hourly chart of the BTC/USD pair. Bitcoin worth traded under $37,000 and a low is fashioned close to $36,673.

    It’s now consolidating losses and dealing with resistance close to the $37,280 degree. The said resistance is near the 23.6% Fib retracement degree of the latest decline from the $39,250 swing excessive to $36,673 low. The following key resistance is close to the $38,000 degree.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The 50% Fib retracement degree of the latest decline from the $39,250 swing excessive to $36,673 low can also be close to $38,000 together with the 100 hourly easy transferring common. A transparent transfer above the $38,000 resistance might ship the worth to $39,000. To realize bullish momentum, the worth should settle above the $39,500 degree.

    Extra Losses in BTC?

    If bitcoin fails to start out a restoration wave above the $37,280 resistance zone, it might proceed to maneuver down. A right away help on the draw back is close to the $36,650 zone.

    The following main help is seen close to the $36,300 degree. If there’s a draw back break under the $36,300 help zone, the worth may acquire bearish momentum in the direction of $35,000.

    Technical indicators:

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

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is nicely under the 50 degree.

    Main Help Ranges – $36,300, adopted by $35,000.

    Main Resistance Ranges – $38,000, $38,400 and $39,500.



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