Bitcoin Fails Near Key Zone, Can Bulls Save The Day

 2022-01-27 06:19:06

Bitcoin price started a recovery wave above the $36,000 and $37,000 levels yesterday. BTC was even able to clear the $37,500 level and the 100 hourly simple moving average. However, the bulls faced a strong resistance near the $38,200 and $38,500 levels.  A high was formed near $38,490 and the price started a fresh decline.


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There was a break below the $37,200 support zone. Besides, there was a break below a key bullish trend line with support near $37,150 on the hourly chart of the BTC/USDT pair. Bitcoin price is now trading below $37,000 and the 100 hourly simple moving average.

 

On the upside, an initial resistance is near the $37,000 level. The first major resistance is near the $38,000 zone. The main resistance is still near the $38,500 zone. An upside break above the $38,500 resistance could start a steady upward move. The next key resistance is near the $39,200 level.

 

If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $35,700 zone. The first major support is seen near the $35,000 zone. A downside break below the $35,000 support zone may perhaps push the price towards the $33,200 support zone.

 

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $35,700, followed by $35,000.

Major Resistance Levels – $37,000, $38,000 and $38,500.

 

DISCLAIMER: The 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. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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