Bitcoin price tested the $30,000 support and it is now recovering higher against the US Dollar. BTC is likely to face a strong selling interest near $37,000 and $38,000.
Bitcoin extended its decline and it even traded close to the $30,000 support. The price is now well below the $38,000 resistance and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair. The pair is likely to face a strong selling interest near the $37,000 zone and the 100 hourly SMA.
The main resistance is now forming near the $37,000 level. There is also a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair. The 100 hourly simple moving average is also near the $37,000 resistance zone.
A clear break above the trend line resistance and the 100 hourly simple moving average could open the doors for a larger recovery towards the $40,000 level. An intermediate resistance is near the $38,000 level.
If bitcoin fails to clear the $37,000 resistance, there is a risk of a fresh decline. Initial support on the downside is near the $34,000 level.
The first major support is now forming near the $32,000 zone. A downside break below the $32,000 support could start a fresh decline towards the $30,000 support zone in the near term.
While it would be incorrect to say that Dogecoin has emerged unscathed from the crypto bloodbath, it has held on to recently discovered support levels — an impressive feat so far.
However, the lack of buyers eventually spilled over to the Dogecoin market as it broke below $0.3223 support. Losses could amplify till the next support at $0.179- a buy zone that was discovered during the late April pullback. Further levels of support rested at $0.179 and even lower at $0.144.
Ethereum would need to avoid the $2,070 pivot to bring the first major resistance level at $2,412 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,400 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $2,382.00 would likely cap any upside.
In the event of another broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740. The second major resistance level sits at $2,724.
Failure to avoid the $2,070 pivot would bring the first major support level at $1,758 and the 62% FIB of $1,725 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,416.
A sustained fall through the 62% FIB of $1,725 would form a near-term bearish trend from 12th May’s swing hi $4,384.30.