Bitcoin Turns Purple, Why BTC Might Dive Beneath $39K

Bitcoin began one other decline beneath the $40,000 stage towards the US Greenback. BTC might lengthen losses if it stays beneath the $40,000 resistance zone.

• Bitcoin began one other decline after it didn’t clear the $40,000 resistance zone.
• The value is now buying and selling beneath $39,500 and the 100 hourly easy shifting common.
• There’s a key bearish pattern line forming with resistance close to $39,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a serious decline if there’s a shut beneath the $38,800 stage.

Bitcoin Value Features Bearish Momentum

Bitcoin worth settled beneath the $40,500 stage to maneuver right into a bearish zone. BTC traded beneath the $40,000 help stage and settled beneath the 100 hourly easy shifting common to maneuver right into a bearish zone.

The value even traded beneath the $39,200 help stage. A low is shaped close to $38,700 and the worth is now consolidating losses. A direct resistance on the upside is close to the $39,500 stage. There’s additionally a key bearish pattern line forming with resistance close to $39,500 on the hourly chart of the BTC/USD pair.

The following key resistance might be $39,700 or the 23.6% Fib retracement stage of the current decline from the $42,950 swing excessive to $38,700 low.

The primary main resistance is now forming close to the $40,000 stage. The principle resistance sits close to $40,500 and the 100 hourly easy shifting common. To start out a robust upward transfer, the worth should settle above the $40,500 zone and the 100 hourly easy shifting common.

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the worth might even surpass the 50% Fib retracement stage of the current decline from the $42,950 swing excessive to $38,700 low.

Extra Losses in BTC?

If bitcoin fails to clear the $40,000 resistance zone, it might proceed to maneuver down. A direct help on the draw back is close to the $39,000 stage.

The following main help is seen close to the $38,800 stage. A draw back break beneath the $38,800 zone might ship the worth in the direction of the $37,500 help zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Assist Ranges – $39,000, adopted by $38,800.

Main Resistance Ranges – $39,500, $39,800 and $40,000.