TA: Bitcoin Bears Keep Pushing, Why Upsides Remain Limited

TA: Bitcoin Bears Keep Pushing, Why Upsides Remain Limited


Bitcoin is struggling to clear the $38,800 resistance against the US Dollar. BTC could decline heavily if it stays below the $39,000 pivot level.

Bitcoin is struggling to recover above $38,800 and $39,000 resistance levels. The price is now trading below $38,600 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $38,880 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $38,880 and $39,000 resistance levels to start a decent increase. Bitcoin Price Eyes Next Break

Bitcoin price found support near the $37,400 level and started a recovery wave. BTC was able to reclaim the $38,000 level and slowly moved higher.

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There was a clear move above

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