Bitcoin TA: Here BTC Remains At Risk For Another Downgrade

Bitcoin's price failed to clear the key $ 40,000 resistance area against the US dollar. BTC corrects gains and risks further losses towards $ 36,000 or $ 34,000. Bitcoin is struggling to clear the $ 40,000 and $ 40,500 resistance levels. The price currently includes support of $ 37,000 and the 100 hourly simple moving average. There was a break below a short-term contract triangle with support near $ 38,400 on the hourly chart of the BTC / USD pair (Kraken data stream). The pair should accelerate lower as it breaks the $ 37,000 support and the 100 hourly SMA. Bitcoin price struggles below $ 40,000 Bitcoin broke the resistance at $ 40,000 and extended the bullish wave. BTC even cleared the $ 40,500 level and stabilized well above the simple hourly moving average of 100. However, the bulls did not get stronger than $ 40,500. A value higher than $ 40,923 occurred and the price was corrected lower. There was a break below the $ 40,000 support level. Additionally, there was a break below the triangle of short-term contracts with support near $ 38,400 on the hourly chart of the BTC / USD pair. The pair gained momentum below the 50% Fib retracement level of the move from the $ 36,472 low to $ 40,923. Bitcoin currently supports $ 37,000 and the hourly moving average is 100.Source: The 76.4% Fib retracement level of the move from $ 36,472 to $ 40,923 on TradingView.com also serves as a support area. . On the upside, there is a sudden resistance at $ 38,500 next to the broken triangle support. The first major resistance is near the $ 39,500 level. The main resistance is still near the $ 40,000 area. A good close above the $ 40,000 resistance zone could trigger a push. More losses in BTC? If Bitcoin doesn't raise the $ 39,500 resistance, there is a risk of further downsides. The initial bearish support is near the $ 37,000 level. The first major support is near the $ 36,000 pivot point. If there is a break below

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