Bitcoin Bears Keep Trying To Push, Which Explains Why Upsides Stay Restricted

2022-05-03 | Selina Mathew

Bitcoin Bears Keep Trying To Push, Which Explains Why Upsides Stay Restricted

The Bitcoin Price Is Looking for the Following Break

Bitcoin price reached support at $37,400 and began a comeback wave. BTC was able to retake the $38,000 level and gradually increased in value.

A convincing rise over the 23.6 percent Fib retracement level of the crucial decline from the $40,350 surge high to the $37,400 low was observed. The price made an effort to break over the $38,800 resistance level as well as the 100 hourly simple moving average.

Nevertheless, bitcoin's price has continued to struggle to raise over $39,000. It also refused to stabilize over the 50% Fib retracement line of the pivotal drop from the $40,350 surge high to the $37,400 low.

Furthermore, on the hourly chart of the BTC/USD pair, a significant contracting triangle is emerging with resistance at $38,880. It is currently seeing resistance at the $38,600 level as well as the hourly simple moving average.

The next significant resistance level might be around $38,880. Closing over $38,880 and $39,000 might pave the way for a substantial rise. In the suggested scenario, the price might possibly break through the $39,250 obstacle. The following significant stumbling block is encountered towards the $40,000 level.

Another Drop in BTC?

If bitcoin refuses to break over the $38,880 resistance level, it may begin a new downturn. On the negative, there is immediate support at the $38,400 level.

The triangle downward trend line, as well as the $38,200 level, are the next key supports. If the price falls underneath the triangle support, it may potentially go under $38,000. The next significant support level is $37,400, under which the price might fall to $36,500.



Measures of technical significance:

Hourly MACD - The MACD is gradually losing momentum in the positive zone.

Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is currently close to 50.

Major Support Levels begin at $38,400 and go to $38,200.

$38,880, $39,000, and $39,250 are the significant resistance levels.

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