{"id":107791,"date":"2021-01-08T06:56:30","date_gmt":"2021-01-08T06:56:30","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107791"},"modified":"2021-01-08T06:56:30","modified_gmt":"2021-01-08T06:56:30","slug":"ta-bitcoin-corrects-from-40k-why-35k-could-protect-losses","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-corrects-from-40k-why-35k-could-protect-losses\/","title":{"rendered":"TA: Bitcoin Corrects From $40K, Why $35K Could Protect Losses"},"content":{"rendered":"<p><em>Bitcoin price surged above the $40,000 level before correcting lower against the US Dollar. BTC traded below $38,000, but it is likely to find a strong support near $36,500 or $35,200<\/em><\/p>\n<ul>\n<li>Bitcoin extended its rally above the $38,000 and $40,000 resistance levels.<\/li>\n<li>The price started a downside correction from a new all-time high at $40,400, but it is still well above the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support near $37,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to find a strong buying interest near the $36,500 and $35,200 levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Rallies To $40K<\/h2>\n<p>There was a strong upward move in bitcoin price above the $37,000 resistance level. BTC even broke the $38,000 and $38,500 resistance levels. Finally, there was a spike above the $40,000 level.<\/p>\n<p>The price traded to a new all-time high at $40,400 and settled well above the 100 hourly simple moving average. It started a downside correction and traded below the $38,000 level. There was a break below the 23.6% Fib retracement level of the upward move from the $30,000 swing low to $40,365 swing high.<\/p>\n<p>There was also a break below a key bullish trend line with support near $37,500 on the hourly chart of the BTC\/USD pair. The pair is currently consolidating near the $37,000 level.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/01\/Bitcoin-5.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>The next major support is near the $36,500 level (a multi-touch zone). On the upside, the broken trend line might act as a short-term resistance near $37,500 and $37,800.&nbsp; To start a fresh increase, the price must settle above the $38,000 level. The next key resistance is near $38,880, above which the price could revisit the $40,000 level.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin fails to clear the $38,000 and $38,880 levels, it could start another downward move. An initial support on the downside is near the $36,600 and $36,500 levels.<\/p>\n<p>The main support seems to be forming near the $35,200 level. It is close to the 50% Fib retracement level of the upward move from the $30,000 swing low to $40,365 swing high.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD just dipped below the 50 level.<\/p>\n<p>Major Support Levels &ndash; $36,500, followed by $35,200.<\/p>\n<p>Major Resistance Levels &ndash; $38,000, $38,880 and $39,800.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-corrects-from-40k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price surged above the $40,000 level<\/p>\n","protected":false},"author":3,"featured_media":107790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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