April 25, 2024

Bitcoin is Still at Risk, 100 Simple Moving Average is Significant

Bitcoin keeps on with its hard struggle under the $41,500 mark against the US dollar. The leading cryptocurrency continues to be at risk of experiencing more falls beneath the support line of $39,000.

The Price of Bitcoin Continues in Declining Trajectory

The price of Bitcoin continues to maintain its lowly position under the major resistance area of $41,500. It seems Bitcoin is trading in the very narrow path of $39,000 and $41,500 at its lower and upper limits, respectively. The last lower swing went down and formed close to $39,600 before the upside correction of the price began.

There was a sharp movement above the $40,000 area of resistance. The price of the leading crypto asset rose above the 23.6% Fibonacci retracement zones of the lower movement from its $41,548 highest point down to the $39,600 low point. 

Nevertheless, the price of Bitcoin encountered a very strong resistance close to the $40,500 zone and the simple moving average of the 100-hour watch. There was equally another stiff struggle for Bitcoin close to the 50% Fibonacci retracement point of the declining movement from the $41,548 upward trend to the $39,600 low point.

There is equally a major trend line of bearish pattern forming with some resistance close to the $40,180 as reported from data on the BTC/USD pair’s hourly monitor chart. There is a resistance on an immediate level on the upward side close to the $40,200 zone.

As the trajectory is going on, it is likely that the next major point of resistance might be seen at $40,380 and the 100 simple moving average on the hour. In order to start a meaningful wave of recovery, the price of Bitcoin must first clear off the $40,380 area and the accompanying simple moving average on a hundred hourly basis. In the case under review, it is possible that the price will rise to the $40,850 resistance area. Further gains in this area might set the stage for a movement in the direction of the major $41,500 obstacle in the short term.

Are there More Losses on the Path of Bitcoin?

If by any means there is a failure on the side of Bitcoin to clear the $40,180 resistance area as expected, there might then be a new trajectory of decline for it. The next support available for it on that declining path is close to the $39,600 area.

The other major line of support after that is close to $39,180. If it happens to snap beneath the $39,180 support area, then further losses might be accelerated. This has the potential to take the price down to $38,800 or as low as $38,500.

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