Fails to Settle above $38K, Is Bitcoin Showing a Bearish Sign?

 2021-01-18 09:02:47

Bitcoin is struggling to gain bullish momentum above the $36,750 and $38,000 resistance levels. The price is now trading well below $38,00. There is a major bearish trend line forming with resistance near $36,400 on the hourly chart.

Bitcoin's upward trend was blocked, and the overall trend was volatile downward. The short position trend was obvious, and the bulls began to weaken. From the 1-hour chart, the moving average continues to move down to the support level, and the market also has a downward trend in the early morning. The bullish trend has weakened again, the price continues to reach new intraday lows, and the MACD continues to fall in volume, though now the price is trading above $36K. It is likely to accelerate lower if the price cannot return and stabilize above the $36,000 support zone.  


Action suggestions:

1. Pulls back near $35,000, enter the market with buy/up orders, stop loss is $34,600 and take profit is $35,350-$35,780-$36,100.

2. rebound near $36,600, enter the market with sell/down orders, stop loss is $36,950 and take profit is $36,150-$35,780-$35,320.


Tips: Quotes are time-sensitive, and please pay attention to take good risk control and make good use of “Take-profit” and “Stop-loss”.

The technical analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal.

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