TA: Bitcoin Continues To Struggle, Why BTC Might Start Fresh Increase

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,207,223,527,045	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,207,223,527,045

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2,307.93	3.90%	61,429.13	61,429.12	61,429.13

Price Change

Price Change %

Current Price

Bid Price

Offer

2,307.93

3.90%

61,429.13

61,429.12

61,429.13

High Price	Low Price	Open Price	Prev. Close	52 Week Range
62,150.90	58,821.05	59,076.58	59,121.20	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

62,150.90

58,821.05

59,076.58

59,121.20

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	16:18:36	0.315737	61,433.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

16:18:36

0.315737

61,433.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
729,799,563.73	12,072.85	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

729,799,563.73

12,072.85

TA: Bitcoin Continues To Struggle, Why BTC Might Start Fresh Increase

04/08/2021 4:08am

NEWSBTC

Bitcoin price extended its decline below the $38,000 support zone against the US Dollar. BTC is now showing signs of an upside correction as long as it is above $38,000. Bitcoin extended its decline below the $39,000 and $38,000 support levels. The price is now trading well below $39,000 and the 100 hourly simple moving average. There was a break above a crucial bearish trend line with resistance near $38,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent increase as long as there is no daily close below $38,000. Bitcoin Price is Consolidating Bitcoin price extended its decline below the $39,200 and $39,000 support levels. BTC even broke the $38,500 level to move further into a bearish zone. The price spiked below the $38,000 support level and it settled well below the 100 hourly simple moving average. A low is formed near $37,660 and the price is now attempting an upside correction. There was a break above the $38,000 level. Besides, there was a break above a crucial bearish trend line with resistance near $38,200 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance near the $38,800 level. Source: BTCUSD on TradingView.com It is close to the 23.6% Fib retracement level of the key drop from the $42,630 swing high to $37,660 low. The next major resistance is near the $39,500 level. The main resistance is now forming near the $40,000 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the key drop from the $42,630 swing high to $37,660 low. If there is an upside break above $38,800 and $40,000, bitcoin could gain traction. The next major resistance on the upside is near the $41,450 zone. More Losses in BTC? If bitcoin fails to climb above the $38,800 and $40,000 resistance levels, it could continue to move down. An initial support on the downside is near the $38,000 level. The first major support is now near the $37,800 zone. A clear downside break below the $37,800 support might call for more losses. The next major support is near the $37,000 zone. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level. Major Support Levels – $38,000, followed by $37,000. Major Resistance Levels – $38,880, $39,500 and $40,000.

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