The price of Bitcoin failed to maintain the $ 40,000 support area in the past few days and started a new fall. In this fall, we first saw $ 39,500 and then $ 38,500.
to the the report According to Newsbite, the price of Bitcoin is currently trading below the 50% Fibonacci, which jumped from $ 34,822 to $ 41,380. The current price of Bitcoin is lower than the simple 100-day moving average at $ 39,000. On the other hand, we are witnessing the formation of a significant downtrend line. At 1 hour timeframe, the resistance of this trend line is at $ 38,500.
In case of further fall, the first support for Bitcoin is $ 37,200. The level is close to Fibonacci 61.8%, which jumped from $ 34,822 to $ 4,380.
If the price of Bitcoin falls below $ 37,200, it is likely to fall further to support at $ 36,500. Breaking this support paves the way for a fall to $ 35,000.
If the price of Bitcoin stays above $ 37,200, there is a possibility that a new uptrend will begin. Breaking the trend line resistance can lead to $ 39,500, which acts as a resistance. In this area there is a simple moving average of 100 hours. Crossing this resistance will most likely start a new leap up to over $ 40,000.
The MACD is slowly entering the downtrend. The Relative Strength Index (RSI) is below 50. $ 37,200 and $ 36,500 are also bitcoin support. The most important bitcoin resistances are at $ 38,200, $ 38,500 and $ 40,000, respectively.