Bitcoin Faces Uphill Task, Why BTC Bears Are Still In Control

 2022-03-08 04:55:22

Bitcoin remained in a bearish zone below $39,000. BTC could recover only if it manages to clear the $40,000 resistance zone.


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Bitcoin price settled below the $40,000 pivot level and the 100 hourly simple moving average. BTC even broke the $38,000 support level and traded as low as $37,159. The bulls managed to protect the $37,000 support zone. It is now recovering losses and trading above $37,500. There was a move above the $38,000 resistance zone.

 

On the upside, bitcoin price might face resistance near the $38,800 level. There is also a key triangle pattern forming with resistance near $39,000 on the hourly chart of the BTC/USDT pair. The next major resistance is near the $39,200 level and the 100 hourly simple moving average. A clear move above the $39,200 level might open the doors for a test of $40,000. A close above $40,000 could set the pace for more upsides in the near term.

 

If bitcoin fails to clear the $39,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $38,000 zone. The next major support is seen near the $37,200 level. If there is a downside break below the $37,200 support, the price might start another decline. In the stated case, there is a risk of a move towards the $35,500 level.

 

Technical indicators:

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

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

Major Support Levels – $38,000, followed by $37,200.

Major Resistance Levels – $38,800, $39,200 and $40,000.

 

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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