Bitcoin Still Struggling Near $38K, Here’s Why 100 SMA Is The Key

Bitcoin price made another attempt to clear the $38,000 resistance against the US Dollar, but it failed. BTC is correcting lower, but it might find bids near the 100 hourly SMA.

Bitcoin is still facing a strong resistance near the $38,000 zone.
The price is currently trading well above $36,500 and the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above $36,000 and the 100 hourly SMA to remain in a positive zone.

Bitcoin Price Eyes Fresh Increase
Bitcoin started a decent increase above the $36,500 resistance zone. BTC even broke the $37,000 resistance level and settled well above the 100 hourly simple moving average.
The bulls made another important attempt to surpass the $38,000 barrier. However, they failed to gain strength and a new weekly high was formed near the $38,200 level. The price is now correcting lower and it is trading below the $37,800 level.
There was a break below the 23.6% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high. An immediate support on the downside is near the $37,000 level.

Source: BTCUSD on TradingView.com
The 50% Fib retracement level of the recent wave from the $35,928 swing low to $38,200 high is also near the $37,000 zone to act as a support. There is also a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $37,600 level. The first major resistance is near the $37,850 level. The main barrier is still near the $38,000 zone. A clear break above the $38,000 zone is needed for a push towards the $40,000 level.
Downside Break in BTC?
If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $37,000 level.
The first major support is near the $36,500 level and the 100 hourly simple moving average. If there is a downside break below the $36,500 support and then the trend line, the price could start a major decline in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $36,500, followed by $36,000.
Major Resistance Levels – $37,800, $38,000 and $40,000.

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Football lengend David Beckham joins Greed island

On November 5th, the English football superstar David Beckham announced that he would join the Greed Island team, and the whitelist application channel has...

The NFT Project Driving Freedom of Speech in The Metaverse

"Schooling" The Metaverse On Free Speech, Tanked Gil Schoolies NFT's Use Comedy to Fight Cancel Culture With Freedom of Speech Under Attack in and around...

Potential projects to get whitelisted on Solana and Ethereum

The rapid expansion of the NFT sector over the last year has made possible a plethora of innovative new endeavors. The early identification of...

THE Ape-Revolution of the Defi Space

What do you get when you combine game-changing utility, an experienced team in Defi and a frenetic committed community? A monster coin in the...

The Sublimation of Metaverse Experience: Visualization, Multi-scene, Immersion

DID, Metaverse, Immersive Experience, On-chain Visualization, On-chain Interaction In recent years, the "metaverse" has become the new consensus of the global technology giants on the...

Funex Club Announces the Launch of its Upcoming Multi-Chain Decentralized Crypto Wallet – Funex Pro

VILNIUS, LITHUANIA / ACCESSWIRE / October 17, 2022 / After the successful launches and presale programs of its native currency, i.e., Funex Coin - Funex Club is...

NuriFlex successfully completed 1st round of NuriTopia $NBLU token private sales

VANCOUVER, British Columbia -- NuriFlex Holdings Inc. (www.nuri.ca, “NuriFlex”) announced that it has successfully completed 1st round of $NBLU token private sales. $NBLU token...

Bowled.Io To Build A Multilateral Community In Partnership With Prominent Web3 Ecosystem Players

Gaming is the fastest-growing entertainment industry in India. The number of online gamers in India has nearly doubled to 510 million from 269 million...