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Bitcoin Key Indicators Suggest Strengthening Case For More Downsides

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Bitcoin gained bearish momentum below $40,000 against the US Dollar. BTC is at risk of more downsides towards the $37,200 and $36,600 levels.

  • Bitcoin started another decline below the $40,000 and $39,000 levels.
  • The price is trading below $39,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might continue to move down unless the bulls able to push the price above $39,550.

Bitcoin Price Extends Decline

Bitcoin price struggled to stay above the $40,000 support zone. As a result, BTC extended decline below the $39,550 support zone and the 100 hourly simple moving average.

The price traded below the 61.8% Fib retracement level of the main increase from the $37,160 swing low to $42,550 swing high. It is now showing a few bearish signs below the $39,200 and $39,000 support levels.

Bitcoin is also testing the 76.4% Fib retracement level of the main increase from the $37,160 swing low to $42,550 swing high at $38,430. If there is a minor…

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