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Technical market outlook (Bitcoin) :
After finding asks reach to $ 40,198, bitcoin price recovered below the prices of $ 41k and $ 42k. Initial Bitcoin resistance lies near the $ 41,176 level (50% of Fibonacci retracement levels). A decent breakout and follow-up move below the price of $ 41k and $ 42k could open the gate for a push towards the $ 38,988 level.
The main resistance remains near the area of $ 41k and $ 42k. Also it should be noted that Bitcoin and cryptocurrencies unite as the bulls lose their momentum.
The market is indicating a bearish opportunity below the above-mentioned support levels, for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.
The volatility is very low for that the BTC/USD is still moving between $ 41,176 and $ 37,032 in coming days.
On the downside, the $ 38,988 level represents support. The next major support is located near the $ 37,032, which the price may drift below towards the $ 37,032 support region.
Bitcoin is at lowest against the dollar around the spot of $ 40k – Bitcoin is inside in downward channel. Closing below the major resistance ($ 42k) could assure that BTC/USD will move lower towards cooling new lows.
Bitcoin is continuing dropping by market cap at 2% in a day, 15% in a week, and 75% in a month, and is trading at $ 40k after it reached $ $ 39k earlier
Bitcoin has been set below the strong resistance at the price of $ 42k, which coincides with the 61.8% Fibonacci retracement level.
This resistance has been rejected three times confirming the veracity of a downtrend. The market is likely to show signs of a bearish trend around the area of $ 42k and/or $ 41k.
Sell orders are recommended below the zone of $ 41k with the first target at the price of $ 38,988; and continue towards 37,032 in order to test the last bearish wave.
On the other hand , if the BTC/USD succeeds to break through the resistance price of $ 42k, the market will rise further to $ 45,320.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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