Bitcoin Price Analysis: Erases Gains, What Are The Key Levels?
June 18, 2021
Bitcoin price started a fresh decline after it failed to stay above $40,000 against the US Dollar. BTC is falling and it could even test $35,000 in the near term. According to technical analysis by NewsBTC’s Aayush Jindal:
Bitcoin started a fresh decline well above the $40,000 pivot level.
The price is currently trading well below $39,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data from Kraken).
If the pair fails to stay above the $37,200 support area, it could continue to decline.
Bitcoin (BTC) Price Continues Its Fall
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Bitcoin failed to stay above the key $40,000 support zone and started a fresh decline. BTC broke the $39,500 and $38,500 support levels to move into a short-term bearish zone.
The price traded below the 50% Fib retracement level of the upward move from the $34,822 low to $41,380 high. It is currently trading well below $39,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair.
An immediate support on the downside is near the $37,200 level. It is close to the 61.8% Fib retracement level of the upward move from the $34,822 low to $41,380 high.
If there is a downside break below the $37,200 support, the price might even struggle to stay above the $36,500 support. Any more losses could open the doors for a move towards the $35,000 support zone in the near term.
Will Bitcoin (BTC) Rise?
If bitcoin stays above the $37,200 support, a fresh increase could begin. An initial resistance on the upside is near the $38,200 level.
The first major resistance is near the $38,500 level and the downtrend line. A successful break above the trend line could lead the price towards the $39,500 resistance zone and the 100 hourly SMA. A close above the 100 hourly SMA is essential for a fresh increase above the $40,000 resistance zone in the coming sessions.
Hourly MACD – The MACD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.
Major Support Levels – 37,200 then $36,500
Major Resistance Levels – $38,200, $38,500 and $40,000