Bitcoin Price Analysis

Bitcoin price analysis; Why is there still a risk of falling again?

Bitcoin failed to maintain the key resistance of $ 40,000. The digital currency, the number one market, is reforming its recent growth and, most importantly, threatens to fall more than ever before.

to the the report BitcoinBite, which currently maintains $ 37,000 support and a simple 100-hour moving average (SMA100), is struggling to reach resistance levels of $ 40,000 and $ 40,500.

Bitcoin broke the $ 40,000 resistance and expanded its recovery wave. The digital currency even crossed the $ 40,500 level and was well above the simple 100-hour moving average.

Bitcoin struggle below $ 40,000

Buyers, however, could not get over $ 40,500. A $ 40,923 ceiling was formed and then we saw a correction and then the $ 40,000 support was broken. In addition, there was a drop below the short-term collapsible triangle with support of nearly $ 38,400 in the Bitcoin / Tetra hourly chart.

The pair then gained momentum below the 50% Fibonacci retracement of the $ 36,472 to $ 40,923 wave. Bitcoin currently maintains a support level of $ 37,000 and a simple 100-hour moving average.

Bitcoin price chart

The 76.4% Fibonacci retracement of $ 36,472 to $ 40,923 also serves as a support area. On the way up, the first resistance is near the support of the collapsing triangle at $ 38,500. The first major resistance is near the $ 39,500 level. But the main resistance is still close to the $ 40,000 area. A close above the $ 40,000 resistance level could be the start of a strong climb.

Is a fall more likely?

If Bitcoin fails to cross the $ 39,500 resistance, there is a risk of further decline. In the event of a fall, the first support is near the $ 37,000 level.

The first major support near the pivotal level is $ 36,000. If the $ 36,000 support is violated, the price of Bitcoin may fall to the $ 34,000 support area in the short term.

Technical indicators:

  • The sucker index in the hourly time frame is in the descending range.
  • The Relative Strength Index (RSI) is now below the 50 level.

  • Main support levels: 37,500, 36,000
  • Main resistance levels: 38,500, 39,500 and 40,000


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