Bitcoin Resumes Decline, Why Bulls Might Struggle In Near-term

 2022-02-03 13:20:19

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Bitcoin price attempted a move towards the $40,000 resistance zone at the beginning of February. However, BTC failed to gain pace above the $39,250 zone. A high was formed near $39,290 and the price started a fresh decline. There was a clear move below the $38,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $37,000 on the hourly chart of the BTC/USDT pair.

 

It is now showing a few bearish signs below the $37,000 level. On the upside, an initial resistance is near the $37,000 level.

 

If bitcoin fails to start a fresh increase above $38,000, it could continue to move down. An immediate support on the downside is near the $36,300 zone.

 

The first major support is seen near the $36,000 zone. Any more losses might call for a move towards the $35,500 support zone in the near term. A downside break below the $35,500 support zone may perhaps call for a drop to $33,200.

 

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

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

Major Support Levels – $36,000, followed by $35,500.

Major Resistance Levels – $37,500, $38,000 and $39,250.

 

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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