{"id":35398,"date":"2024-01-24T02:54:33","date_gmt":"2024-01-24T06:54:33","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35398"},"modified":"2024-01-24T02:54:33","modified_gmt":"2024-01-24T06:54:33","slug":"bitcoin-price-faces-crucial-test-indicators-suggest-many-roadblocks-to-recovery","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/24\/bitcoin-price-faces-crucial-test-indicators-suggest-many-roadblocks-to-recovery\/","title":{"rendered":"Bitcoin Price Faces Crucial Test, Indicators Suggest Many Roadblocks To Recovery"},"content":{"rendered":"

Bitcoin price dived toward the $38,500 support zone. BTC is attempting a recovery wave and might struggle to climb above the $40,500 resistance.<\/em><\/p>\n

Bitcoin price extended its decline and tested the $38,500 support zone.
\nThe price is trading below $40,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might struggle to recover above the $40,000 and $40,500 resistance levels.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC extended its decline and traded below the $49,200 level. Finally, it tested the $38,500 support zone, as discussed in yesterday\u2019s post<\/a>.<\/p>\n

A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering above the $39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.<\/p>\n

Bitcoin is now trading below $40,000 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

There is also a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC\/USD pair. A clear move above the $40,450 resistance could send the price toward the $40,850 resistance. The next resistance is now forming near the $41,250 level. A close above the $41,250 level could push the price further higher. The next major resistance sits at $42,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $40,450 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level.<\/p>\n

The next major support is $39,000. If there is a close below $39,000, the price could gain bearish momentum. In the stated case, the price could revisit the $38,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $39,400, followed by $38,500.<\/p>\n

Major Resistance Levels \u2013 $40,350, $40,450, and $40,850.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price dived toward the $38,500 support zone. BTC is attempting a recovery wave and might struggle to climb above the $40,500 resistance.<\/em><\/p>\n

Bitcoin price extended its decline and tested the $38,500 support zone.
\nThe price is trading below $40,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might struggle to recover above the $40,000 and $40,500 resistance levels.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC extended its decline and traded below the $49,200 level. Finally, it tested the $38,500 support zone, as discussed in yesterday\u2019s post<\/a>.<\/p>\n

A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering above the $39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.<\/p>\n

Bitcoin is now trading below $40,000 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

There is also a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC\/USD pair. A clear move above the $40,450 resistance could send the price toward the $40,850 resistance. The next resistance is now forming near the $41,250 level. A close above the $41,250 level could push the price further higher. The next major resistance sits at $42,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $40,450 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level.<\/p>\n

The next major support is $39,000. If there is a close below $39,000, the price could gain bearish momentum. In the stated case, the price could revisit the $38,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $39,400, followed by $38,500.<\/p>\n

Major Resistance Levels \u2013 $40,350, $40,450, and $40,850.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35398","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35398"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35398\/revisions"}],"predecessor-version":[{"id":35408,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35398\/revisions\/35408"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35398"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}