TA: Bitcoin Turns Red, Here's Why BTC Continues Its Fall

Bitcoin's price started to decline again after it failed to clear $38,000 against the US Dollar. BTC is currently struggling below USD 36,500 and is still at risk of further losses. Bitcoin started another decline well above the $38,000 support level. The price is currently trading well below $37,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). If it fails to clear the USD 36,200 and USD 36,500 resistance levels, the pair is likely to stay lower. Bitcoin Price Faces Resistance Bitcoin failed to stay above the $38,000 resistance and started another decline. BTC broke the USD 36,500 and USD 35,500 support levels to enter the bearish zone. The price even broke the $34,000 support level and settled well below the 100 hourly simple moving average. It was trading as low as $33,373 and it recently started an upside correction. Bitcoin managed to recover above the $34,000 and $35,000 resistance levels. There was also a break above the 50% Fib retracement level from the recent $36,463 low to $33,373 low. However, the price is facing a major resistance near the $36,000 zone. Source: BTCUSD is still trading well below $37,000 and the 100 simple hourly moving average on TradingView.com. The 76.4% Fib retracement level from the recent swing low of $36,463 to $33,373 is currently acting as a resistance. Additionally, there is a key bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair. To move into a positive zone, the price must surpass the trendline resistance, $36,500 and the 100 hourly SMA. The next major resistance on the upside is $38,000. Losing more in BTC? Bitcoin could continue to decline if it fails to surpass the trendline resistance and $36,500. An immediate support on the downside is near the $35,000 level. The next major support is near $34

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