TA: Bitcoin Signals Fresh Decline, Why Dips Could Be Limited In BTC

TA: Bitcoin Signals Fresh Decline, Why Dips Could Be Limited In BTC


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

Bitcoin traded above $38,000, but it failed to continue higher 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 bullish trend 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 Correcting Gains

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

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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

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