Bitcoin Bears Keep Pushing, Why There’s Risk of More Losses
Bitcoin price corrected above the $41,000 resistance zone. Bitcoin even cleared the $41,400 level and attempted a clear move above the $41,500 resistance zone.
However, the bears were active near the $41,500 level. A high was formed near $41,548 and the price started a fresh decline. There was a clear move below the $41,000 support zone. The price declined below the 50% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high.
Besides, there was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair. The pair is now trading below $41,000 and the 100 hourly simple moving average.
It also spiked below the 76.4% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high. An immediate resistance on the upside is near the $40,200 level. The next key resistance could be $40,400 and the 100 hourly SMA.
If the bulls able to clear the $40,400 and $40,500 resistance levels, the price could start a decent increase. In the stated case, the price may perhaps rise towards the $41,000 resistance zone. Any more gains could set the pace for a move towards the key $41,500 level in the near term.
More Losses in Bitcoin?
If bitcoin fails to clear the $40,400 resistance zone, it could start another decline. An immediate support on the downside is near the $39,650 level.
The next major support is seen near the $39,250 level. A downside break below the $39,250 support zone could accelerate losses. In the stated case, the price could decline towards the $38,500 level or even $37,750.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Annie
CoinCu News
Author
Bitcoin price corrected above the $41,000 resistance zone. Bitcoin even cleared the $41,400 level and attempted a clear move above the $41,500 resistance zone.
However, the bears were active near the $41,500 level. A high was formed near $41,548 and the price started a fresh decline. There was a clear move below the $41,000 support zone. The price declined below the 50% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high.
Besides, there was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair. The pair is now trading below $41,000 and the 100 hourly simple moving average.
It also spiked below the 76.4% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high. An immediate resistance on the upside is near the $40,200 level. The next key resistance could be $40,400 and the 100 hourly SMA.
If the bulls able to clear the $40,400 and $40,500 resistance levels, the price could start a decent increase. In the stated case, the price may perhaps rise towards the $41,000 resistance zone. Any more gains could set the pace for a move towards the key $41,500 level in the near term.
More Losses in Bitcoin?
If bitcoin fails to clear the $40,400 resistance zone, it could start another decline. An immediate support on the downside is near the $39,650 level.
The next major support is seen near the $39,250 level. A downside break below the $39,250 support zone could accelerate losses. In the stated case, the price could decline towards the $38,500 level or even $37,750.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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