Listen to Article Bitcoin price is struggling to clear the $38,000 and $40,000 resistance levels against the US Dollar. BTC is currently consolidating above $36,000 and it remains at a risk of a downside break. This past week, bitcoin price climbed higher sharply above the $38,000 resistance against the US Dollar. The BTC/USD pair even spiked above the $40,000 resistance, but it failed to continue higher. A high was formed near $40,036 and the price settled well above the 100 simple moving average (4-hours). Recently, there was a fresh decline and the price broke the $38,000 support. It even traded below the $36,000 level and formed a low at $34,319. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! The price is currently consolidating above the $35,000 level and the 100 simple moving average (4-hours). It was already rejected once near the 61.8% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. There is also a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC/USD pair. The triangle support is near the $35,000 breakdown zone and the 100 simple moving average (4-hours). If there is a downside break below the $35,500 and $35,000 support levels, bitcoin price might accelerate lower. The next major support on the downside is near the $34,000 level. Any more losses could open the doors for a push towards the $32,000 and $30,000 support levels in the near term. If bitcoin stays above the triangle support, $35,000, and the 100 simple moving average (4-hours), it could start a fresh increase. The main resistance on the upside is near the $38,600 zone and the triangle upper trend line. It is close to 76.4% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. A close above the $38,600 level could open the doors for a strong surge above $40,000. Technical indicators 4 hours MACD – The MACD for BTC/USD is losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Level – $35,500 Major Resistance Level – $38,600
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