Bitcoin is struggling to clear the $38,800 resistance against the US Dollar. BTC could decline heavily if it stays below the $39,000 pivot level.<\/em><\/p>\n

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Bitcoin is struggling to recover above $38,800 and $39,000 resistance levels.<\/li>\n
The price is now trading below $38,600 and the 100 hourly simple moving average.<\/li>\n
There is a major contracting triangle forming with resistance near $38,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair must clear the $38,880 and $39,000 resistance levels to start a decent increase.<\/li>\n<\/ul>\n
Bitcoin Price Eyes Next Break<\/h2>\n
Bitcoin price found support near the $37,400 level<\/a> and started a recovery wave. BTC was able to reclaim the $38,000 level and slowly moved higher.<\/p>\n
There was a clear move above the 23.6% Fib retracement level of the key drop from the $40,350 swing high to $37,400 low. The price attempted a clear move above the $38,800 resistance level and the 100 hourly simple moving average<\/a>.<\/p>\n
However, bitcoin price struggled to gain strength above the $39,000 level. It also failed to settle above the 50% Fib retracement level of the key drop from the $40,350 swing high to $37,400 low.<\/p>\n
Besides, there is a major contracting triangle forming with resistance near $38,880 on the hourly chart of the BTC\/USD pair. It is now facing resistance near the $38,600 level and the hourly simple moving average.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The next key resistance could be near the $38,880 zone. A close above the $38,880 and $39,000 levels could open the doors for a decent increase. In the stated case, the price could even surpass the $39,250 resistance. The next major resistance is seen near the $40,000 level.<\/p>\n
Another Decline in BTC?<\/h2>\n
If bitcoin fails to clear the $38,880 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $38,400 level.<\/p>\n
The next major support is seen near the $38,200 level and the triangle lower trend line. A downside break below the triangle support could even push the price below $38,000. The next major support is $37,400, below which the price could dive to $36,500.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just near the 50 level.<\/p>\n
Major Support Levels \u2013 $38,400, followed by $38,200.<\/p>\n
Major Resistance Levels \u2013 $38,880, $39,000 and $39,250.<\/p>\n<\/div>\n

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Bitcoin is struggling to clear the $38,800 resistance against the US Dollar. BTC could decline heavily if it stays below the $39,000 pivot level. Bitcoin is struggling to recover above $38,800 and $39,000 resistance levels. The price is now trading below $38,600 and the 100 hourly simple moving average. There is a major contracting triangle […]<\/p>\n","protected":false},"author":1,"featured_media":9881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[317,36,2601,2439,1795,793],"class_list":{"0":"post-25197","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market","8":"tag-bears","9":"tag-bitcoin","10":"tag-limited","11":"tag-pushing","12":"tag-remain","13":"tag-upsides"},"_links":{"self":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/25197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/comments?post=25197"}],"version-history":[{"count":0,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/25197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media\/9881"}],"wp:attachment":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media?parent=25197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/categories?post=25197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/tags?post=25197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}