Bitcoin Plunge Again, Will Dips Continue To Dominate the Market?

 2022-03-10 09:39:06

Bitcoin rallied above the $42,000 resistance zone yesterday. The price even spiked above the $42,500 level and settled above the 100 hourly simple moving average. A high was formed near $42,547 before the price started a downside correction, and then began to plummet again.

 

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The price even slumped below the $40,000 level and settled below the 100 hourly simple moving average. It is now consolidating near the $39,000 level. There is also a key bearish trend line forming with support near $38,800 on the hourly chart of the BTC/USDT pair.

 

On the upside, an immediate resistance is near the $41,250 level. The next major resistance is near the $42,000 level. If there is a clear move above the $42,000 resistance zone, the price might gain bullish momentum. In the stated case, the price could rise towards the $42,500 zone. If the bulls remain in action, they might attempt a new weekly high above the $42,500 zone. The next major resistance sits near the $43,200 level.

 

If bitcoin fails to clear the $41,650 resistance zone, it could continue to move down. An immediate support on the downside is near the $38,800 zone. The next major support is seen near the $38,500 level. If there is a downside break below the $38,500 support, the price might gain more bearish momentum.

 

Technical indicators:

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

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

Major Support Levels – $38,800 followed by $38,500.

Major Resistance Levels – $41,250, $41,650 and $42,500.

 

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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