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Bitcoin is struggling to clear the $38,800 resistance against the US Dollar. BTC could decline heavily if it stays below the $39,000 pivot level.

  • Bitcoin is struggling to recover above $38,800 and $39,000 resistance levels.
  • The price is now trading below $38,600 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $38,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $38,880 and $39,000 resistance levels to start a decent increase.

Bitcoin Price Eyes Next Break

Bitcoin price found support near the $37,400 level and started a recovery wave. BTC was able to reclaim the $38,000 level and slowly moved higher.

There was a clear move above the 23.6% Fib retracement level of the key drop from the $40,350 swing high to $37,400 low. The price attempted a clear move above the $38,800 resistance level and the 100 hourly simple moving average.

However, bitcoin price struggled to gain strength above the $39,000 level. It also failed to settle above the 50% Fib retracement level of the key drop from the $40,350 swing high to $37,400 low.

Besides, there is a major contracting triangle forming with resistance near $38,880 on the hourly chart of the BTC/USD pair. It is now facing resistance near the $38,600 level and the hourly simple moving average.

Source: BTCUSD on TradingView.com

The next key resistance could be near the $38,880 zone. A close above the $38,880 and $39,000 levels could open the doors for a decent increase. In the stated case, the price could even surpass the $39,250 resistance. The next major resistance is seen near the $40,000 level.

Another Decline in BTC?

If bitcoin fails to clear the $38,880 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $38,400 level.

The next major support is seen near the $38,200 level and the triangle lower trend line. A downside break below the triangle support could even push the price below $38,000. The next major support is $37,400, below which the price could dive to $36,500.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just near the 50 level.

Major Support Levels – $38,400, followed by $38,200.

Major Resistance Levels – $38,880, $39,000 and $39,250.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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