Bitcoin price had a strong plunge starting from $40,000. It is likely for BTC to attempt recovery but this effort might fail at $38,000. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin lost the $40,000 and $38,000 support levels
- Currently, the price is below $38,000 and the 1-hour candles are below the SMA100
- For the 1-hour chart, we can see a strong downtrend with resistance at $36,500
- In case of losing the $34,000 support level, BTC will go further down
Bitcoin Price Action Analysis
By losing the $42,000 and $40,000, the plunge gained momentum. Following that, the price lost the $38,000 support level and dipped. The lowest recorded price is at $34,007 before an attempt for recovery. As of now, BTC is way below $38,000 and the 1-hour candles are below the SMA100.
The first resistance level for BTC is at $36,200. On the 1-hour chart, we see yet another key level at $36,500 which is near the 23.6% Fibonacci retracement level from the latest fall from $43,500 to $34,007. The next resistance level is expected at $36,800 which could pave the way to reach $38,000. The next resistance level is the $40,000 followed by $41,200. This level is near the 50% Fibonacci retracement level from the latest fall. Further growth can bring BTC back up above $42,000.
On the other hand, if Bitcoin price fails to surpass $36,500, there could be a new downtrend. In that case, the first support level will be $34,500 followed by $34,000. If Bitcoin price dips below the $34,000, we could see yet another crash. For that scenario, the $32,500 will be the next support level. Further decline can bring BTC close to $32,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $36,250, $36,500 and $38,000 are the crucial resistance levels for BTC.
Support levels: The $34,500 and $34,000 are currently the key support levels for the price.
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