TA: Bitcoin Fails Near Key Zone, Can Bulls Save The Day

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	9,622,476,888	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

9,622,476,888

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000214	-0.20%	0.109133	0.109119	0.109148

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000214

-0.20%

0.109133

0.109119

0.109148

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.109377	0.104921	0.109347	0.109347	0.064006 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.109377

0.104921

0.109347

0.064006 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	12:48:48	224.25	0.109133	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

12:48:48

224.25

0.109133

USD

Price x Volume	Volume	Base Symbol	Related Pairs
119,299.03	1,104,731.62	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

119,299.03

1,104,731.62

TA: Bitcoin Fails Near Key Zone, Can Bulls Save The Day

27/01/2022 3:48am

NEWSBTC

Bitcoin attempted a key upside break above the $38,500 resistance against the US Dollar. BTC failed to clear $38,500 and started a fresh decline. Bitcoin struggled to gain pace above the $38,200 and $38,500 resistance levels. The price is now trading below $37,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $37,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if the bulls are able to protect the $35,500 support zone. Bitcoin Price Keeps Struggling Bitcoin price started a recovery wave above the $36,000 and $37,000 levels. BTC was even able to clear the $37,500 level and the 100 hourly simple moving average. However, the bulls faced a strong resistance near the $38,200 and $38,500 levels. It failed to surpass the 50% Fib retracement level of the main drop from the $43,490 swing high to $32,950 low. A high was formed near $38,490 and the price started a fresh decline. There was a break below the $37,200 support zone. Besides, there was a break below a key bullish trend line with support near $37,150 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $37,000 and the 100 hourly simple moving average. It is testing the 50% Fib retracement level of the upward move from the $32,940 swing low to $38,490 high. On the upside, an initial resistance is near the $37,000 level. Source: BTCUSD on TradingView.com The first major resistance is near the $38,000 zone. The main resistance is still near the $38,500 zone. An upside break above the $38,500 resistance could start a steady upward move. The next key resistance is near the $39,200 level. More Losses in BTC? If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $35,700 zone. The first major support is seen near the $35,000 zone. It is near the 61.8% Fib retracement level of the upward move from the $32,940 swing low to $38,490 high. A downside break below the $35,000 support zone may perhaps push the price towards the $33,200 support 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 now below the 50 level. Major Support Levels – $35,700, followed by $35,000. Major Resistance Levels – $37,000, $38,000 and $38,500.

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