Bitcoin price failed again to clear the $44,000 resistance zone. BTC is declining and might be at risk of a downside break below the $41,500 level.
- Bitcoin is slowly moving lower from the $43,800 resistance zone.
- The price is trading below $43,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $42,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it stays below the $43,000 level.
Bitcoin Price Takes Hit
Bitcoin price made a fresh attempt to gain pace above the $43,200 level. BTC climbed above the $43,500 level, but it struggled to reach the $44,000 resistance zone.
A high was formed near $43,792 and the price started a fresh decline. There was a clear inverted V pattern formed and the price declined below the $43,200 level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.
Bitcoin is now trading below $43,000 and the 100 hourly Simple moving average. It is also consolidating below the 61.8% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.
On the upside, immediate resistance is near the $42,500 level. There is also a key bearish trend line forming with resistance near $42,550 on the hourly chart of the BTC/USD pair. The first major resistance is $43,000. A close above the $43,000 level could send the price further higher.
Source: BTCUSD on TradingView.com
The main hurdle sits at $43,250. A close above the $43,250 resistance could start a decent move toward the $43,800 level. The next key resistance could be near $44,000, above which BTC could rise toward the $45,000 level.
More Losses In BTC?
If Bitcoin fails to rise above the $43,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,150 level.
The next major support is near $41,650. If there is a move below $41,650, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support in the near term.
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 below the 50 level.
Major Support Levels – $42,150, followed by $41,650.
Major Resistance Levels – $42,550, $43,000, and $43,800.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link
