Bitcoin started a fresh decline below $40,000 against the US Dollar. BTC is gaining bearish momentum and could even drop to the $35,000 support.

Bitcoin price started another major decline after it failed to stay above the $42,000 support. BTC broke many important supports near $40,000 to enter a bearish zone.

The price gained bearish momentum below the $39,000 level and the 100 hourly simple moving average. It even declined below the $38,000 support level and traded as low as $37,801. The current price action suggests more downsides below $37,800.

If there is an upside correction, bitcoin price might face resistance near the $38,500 level. It is close to the 23.6% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.

There is also a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $39,800 level. It is close to the 50% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.

A clear move above the trend line resistance and then a move above $39,800 might start a steady increase. The next major resistance for the bulls may possibly be near the $40,500 level and the 100 hourly simple moving average.

If bitcoin fails to clear the $38,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone.

The next major support is seen near the $37,400 level. If there is a downside break below the $37,400 support, the price might start a major decline. In the stated case, there is a risk of a move towards the $35,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 30 level.

Major Support Levels – $37,800, followed by $37,400.

Major Resistance Levels – $38,500, $39,800 and $40,000.

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