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Cryptocurrency : Bitcoin signals new decline, why declines could be limited in BTC

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Bitcoin price extended its upward move above the $ 37,500 resistance against the US Dollar. BTC failed to erase $ 38,500 and is now correcting lower.

Bitcoin traded above $ 38,000, but was unable to continue above $ 38,500. The price is currently well above $ 35,000 and the 100 hourly simple moving average. There was a break below a key uptrend line with support near $ 36,500 on the hourly chart of the BTC / USD pair (data feed from Kraken). The pair could extend its decline, but the bulls are likely to remain active near $ 35,000.

Bitcoin price correction gains

Bitcoin settled well above $ 35,000 and extended its upward move. BTC even broke the $ 37,500 resistance, but the bulls were unable to gain strength to break the $ 38,500 hurdle.

A high was formed near $ 38,425 and the price is now moving lower. It broke the $ 37,000 support level to start the current correction. There was a break below the 23.6% Fib retracement level of the ascending wave from the $ 31.052 low to $ 38.423 high.

Additionally, there was a break below a key uptrend line with support near $ 36,500 on the hourly chart of the BTC / USD pair. However, the pair is still well above $ 35,000 and the 100 hourly simple moving average.

Bitcoin price

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $ 37,000 level. The first major resistance is near the $ 37,500 level, above which the price is likely to revisit the $ 38,500 resistance zone in the near term. The main resistance is still near the $ 40,000 level.

Dips supported in BTC?

If bitcoin fails to clear the $ 37,500 resistance, it could extend its decline. An initial support on the downside is near the $ 36,000 level.

The first major support is near the $ 35,500 level. The main support is now forming near the $ 35,000 level and the 100 hourly SMA. It is close to 50% of the Fibonacci retracement level of the ascending wave from the low of $ 31,052 to the high of $ 38,423. A break to the downside below the $ 35,000 support zone could push the price back into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $ 36,000, followed by $ 35,000.

Major Resistance Levels – $ 37,500, $ 38,500, and $ 40,000.

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