TA: Bitcoin Faces Another Rejection, Here’s What Could Trigger Nasty Decline

TA: Bitcoin Faces Another Rejection, Here’s What Could Trigger Nasty Decline


Bitcoin price climbed above the $38,000 resistance against the US Dollar, but it failed near $39,500. BTC is correcting lower and it might dive if it breaks the $37,000 support.

Bitcoin failed to gain momentum for a break above $39,500 and $40,000. The price is currently trading above $37,000 and the 100 hourly simple moving average. There is a major rising channel forming with support near $37,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above $37,000 and the 100 hourly SMA to avoid a major decline. Bitcoin Price Trims Gains

Bitcoin started a decent increase above the $37,500 resistance zone. BTC even broke the $38,000 resistance level and settled well above the 100 hourly simple moving average.

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The bulls gained strength for a push above the $39,000 level. However, they struggled to a move towards the $40,000 level. The price topped near the $39,500 level and it recently

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