TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,672,558,551	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,672,558,551

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.001172	-0.96%	0.12114	0.121079	0.121113

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.001172

-0.96%

0.12114

0.121079

0.121113

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.122312	0.120987	0.122312	0.122312	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.122312

0.120987

0.122312

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	13:16:28	1,409.57	0.12114	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

13:16:28

1,409.57

0.12114

USD

Price x Volume	Volume	Base Symbol	Related Pairs
45,914.41	378,501.50	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

45,914.41

378,501.50

TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term

21/01/2022 3:08am

NEWSBTC

Bitcoin started a strong decline from the $43,500 resistance against the US Dollar. BTC remains at a risk of more downsides below the $39,200 support. Bitcoin started a major decline after it failed to clear the $43,500 resistance. The price is still trading below $41,000 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $42,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if there is a break below the $39,200 support. Bitcoin Price Declines Heavily Bitcoin price gained pace for a move above the $42,500 level. However, BTC struggled to gain pace for a move above the $43,500 resistance zone. A high was formed near $43,497 before the bears appeared. As a result, there was a fresh decline below the $42,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $42,000 on the hourly chart of the BTC/USD pair. There was a fresh decline below the $41,200 support zone. Bitcoin even declined below the $40,000 support zone. A low is formed near $39,261 and the price is now consolidating losses. On the upside, an initial resistance is near the $40,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $43,497 swing high to $39,261 low. The first major resistance is near the $40,500 level. An upside break above the $40,500 resistance could start a steady recovery wave towards $41,200. Source: BTCUSD on TradingView.com The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,500. Any more gains may perhaps call for a move towards the $43,500 resistance zone. Fresh Drop in BTC? If bitcoin fails to start a fresh increase above $40,500, it could start a fresh decline. An immediate support on the downside is near the $39,500 zone. The first major support is seen near the $39,200 zone. A downside break below the $39,200 support zone may perhaps spark another major decline. The next major support is near $38,500, below which the price could even decline below the $38,000 zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the oversold zone. Major Support Levels – $39,500, followed by $39,200. Major Resistance Levels – $40,250, $40,500 and $41,200.

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