June 19, 2021

TA: Bitcoin Still Struggling Near $38K, Here’s Why 100 SMA Is The Key

2 min read

Bitcoin price made another attempt to clear the $38,000 resistance versus the US Dollar, however it stopped working. BTC is fixing lower, but it might find bids near the 100 per hour SMA.

  • Bitcoin is still facing a strong resistance near the $38,000 zone.
  • The rate is currently trading well above $36,500 and the 100 per hour easy moving average.
  • There is a connecting bullish trend line forming with assistance near $36,400 on the per hour chart of the BTC/USD pair (data feed from Kraken).
  • The pair must remain above $36,000 and the 100 hourly SMA to remain in a positive zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin began a good increase above the $36,500 resistance zone. BTC even broke the $37,000 resistance level and settled well above the 100 per hour simple moving average.

The bulls made another important attempt to surpass the $38,000 barrier. Nevertheless, they stopped working to gain strength and a new weekly high was formed near the $38,200 level. The price is now correcting lower and it is trading listed below the $37,800 level.

There was a break below the 23.6% Fib retracement level of the current wave from the $35,928 swing low to $38,200 high. An instant assistance on the downside is near the $37,000 level.

Bitcoin Price

 Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high is also near the $37,000 zone to function as a support. There is likewise a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC/USD pair.

On the advantage, an immediate resistance is near the $37,600 level. The first significant resistance is near the $37,850 level. The primary barrier is still near the $38,000 zone. A clear break above the $38,000 zone is needed for a push towards the $40,000 level.

Drawback Break in BTC?

If bitcoin stops working to clear the $38,000 resistance, it might remedy lower. An initial assistance on the disadvantage is near the $37,000 level.

The first major support is near the $36,500 level and the 100 hourly easy moving average. If there is a drawback break below the $36,500 support and then the trend line, the cost might begin a major decrease in the near term.

Technical indications:

Hourly MACD –– The MACD is slowly acquiring speed in the bearish zone.

Hourly RSI (Relative Strength Index) –– The RSI for BTC/USD is now just below the 50 level.

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

Major Resistance Levels –– $37,800, $38,000 and $40,000.