TA: Bitcoin Faces Uphill Task, Why BTC Bears Are Still In Control

Bitcoin remained in a bearish zone below $39,000 against the US Dollar. BTC could recover only if it manages to clear the $40,000 resistance zone. Bitcoin is showing bearish signs below the $39,000 and $40,000 resistance levels. The price is trading below $39,000 and the 100 hourly simple moving average. There is a key triangle pattern forming with resistance near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start a recovery wave if there is a clear move above $39,000 and $40,000. Bitcoin Price Remains in a Bearish Zone Bitcoin price settled below the $40,000 pivot level and the 100 hourly simple moving average. BTC even broke the $38,000 support level and traded as low as $37,159. The bulls managed to protect the $37,000 support zone. It is now recovering losses and trading above $37,500. There was a move above the $38,000 resistance zone. The price is now testing the 50% Fib retracement level of the recent decline from the $39,545 swing high to $37,159 low. On the upside, bitcoin price might face resistance near the $38,800 level. It is close to the 61.8% Fib retracement level of the recent decline from the $39,545 swing high to $37,159 low. Source: BTCUSD on TradingView.com There is also a key triangle pattern forming with resistance near $39,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $39,200 level and the 100 hourly simple moving average. A ...