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Monday, March 4, 2024

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Bitcoin Remains In Range, Here’s What Could Trigger A Strong Move

Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500.

Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels.
The price is currently trading near $38,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline heavily if it settles below the $37,000 support and the 100 hourly SMA.

Bitcoin Price is Facing Key Hurdles
Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance. However, BTC failed to continue higher and it remained in a key range below $40,500.
The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average.
There is also a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair. If bitcoin stays above the triangle support trend line, it could start a fresh increase above $39,000.

Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term.
More Losses in BTC?
If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $37,500 level.
The first major support is near the $36,000 pivot level. It is near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $37,000, followed by $36,000.
Major Resistance Levels – $39,500, $40,000 and $40,500.

Kieran Dickens
Kieran Dickenshttp://btcsonic.xyz
I have been a crypto author for over 2 years now and have written for numerous publications. I have a vast amount of experience in the industry and continue to stay up-to-date on all the latest news and developments. My writing is highly accurate and informative, and I always aim to provide value to my readers.

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