Bitcoin price failed to clear the key $40,000 resistance zone against the US Dollar. BTC is correcting gains and it remains at a risk of more losses towards $36,000 or $34,000.
Bitcoin is struggling to clear the $40,000 and $40,500 resistance levels. The price is currently holding the $37,000 support and the 100 hourly simple moving average. There was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair. The pair is likely to accelerate lower if it breaks the $37,000 support and the 100 hourly SMA.
On the upside, immediate resistance is near the broken triangle support at $38,500. The first major resistance is near the $39,500 level. The main resistance is still near the $40,000 zone. A proper close above the $40,000 resistance zone could start a strong increase.
If bitcoin fails to clear the $39,500 resistance, there is a risk of more downsides. Initial support on the downside is near the $37,000 level.
The first major support is near the $36,000 pivot level. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the near term.
The price of DOGE surpassed the 23.6% Fibonacci level as indicated by the chart above. The Fibonacci levels highlighted the potential target points for DOGE and it was currently trading at the 38.2% level. While the asset traded at $0.3615, the 50 moving average had closed in with the price. If 50 MA surpasses the price bars, it could bring a bearish wave in the market.
Meanwhile, RSI value was rising and moving towards the overbought zone. This meant that the buying pressure was rising at the current price. This was a bullish sign and combined with MACD’s recent crossover, DOGE was set to see more growth.
Ethereum would need to avoid the $2,817 pivot to bring the first major resistance level at $2,987 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,900 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $3,000 would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369. The second major resistance level sits at $3,083.
Failure to avoid the $2,817 pivot would bring the first major support level at $2,720 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,600 levels. The second major support level sits at $2,550.
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.