BitcoinShort
Bitcoin Price Forecast: BTC bleeds after rejection $39,000
This week, Bitcoin price staged another recovery mission, extending the gains from support at $33,000 to highs around $39,000. Investors anticipated a break above $40,000, but the rejection has led to an ongoing retreat.
The pioneer cryptocurrency trades at $37,800 while holding dearly to the 100 Simple Moving Average (SMA). It is almost certain that the bearish leg will stretch further; therefore, the 50 SMA on the four-hour chart is in line to offer support.
It is essential to keep in mind that for a few days this week, BTC was pivotal at $37,000. Support at $36,000 played a key role in ensuring that declines were mitigated. On the upside, bulls found it challenging to break through $38,000 except for Thursday’s price action that extended to $39,000.
Bitcoin’s bearish outlook intensifies
The relative Strength Index (RSI) on the four-hour chart has a vivid bearish signal. This follows a gradual rise from May’s oversold conditions to levels close to 70. A correction toward the midline insinuates that bears are getting aggressive, and more gravitational pull on the price should be expected.
A comprehensive look at the Moving Average Convergence Divergence (MACD) shows that bulls still have the upper hand, but we cannot ignore the speed at which sellers are advancing. Therefore, a sell signal will occur if the MACD line (blue) crosses under the signal line. Subsequently, defending support at the 50 SMA and $36,000 is crucial to averting potential losses to $33,000.
On the upside, regaining ground above $38,000 would call more buyers into the market and perhaps resume the uptrend above $39,000. Trading past $40,000 is critical because investors would most likely increase their stakes while speculating upswing to $40,000.
Bitcoin intraday levels
Spot rate: $37,800
Trend: Bearish
Volatility: Growing
Support: 50 SMA, $36,000 and $33,000
Resistance: $39,000 and $40,000
The pioneer cryptocurrency trades at $37,800 while holding dearly to the 100 Simple Moving Average (SMA). It is almost certain that the bearish leg will stretch further; therefore, the 50 SMA on the four-hour chart is in line to offer support.
It is essential to keep in mind that for a few days this week, BTC was pivotal at $37,000. Support at $36,000 played a key role in ensuring that declines were mitigated. On the upside, bulls found it challenging to break through $38,000 except for Thursday’s price action that extended to $39,000.
Bitcoin’s bearish outlook intensifies
The relative Strength Index (RSI) on the four-hour chart has a vivid bearish signal. This follows a gradual rise from May’s oversold conditions to levels close to 70. A correction toward the midline insinuates that bears are getting aggressive, and more gravitational pull on the price should be expected.
A comprehensive look at the Moving Average Convergence Divergence (MACD) shows that bulls still have the upper hand, but we cannot ignore the speed at which sellers are advancing. Therefore, a sell signal will occur if the MACD line (blue) crosses under the signal line. Subsequently, defending support at the 50 SMA and $36,000 is crucial to averting potential losses to $33,000.
On the upside, regaining ground above $38,000 would call more buyers into the market and perhaps resume the uptrend above $39,000. Trading past $40,000 is critical because investors would most likely increase their stakes while speculating upswing to $40,000.
Bitcoin intraday levels
Spot rate: $37,800
Trend: Bearish
Volatility: Growing
Support: 50 SMA, $36,000 and $33,000
Resistance: $39,000 and $40,000
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.