Bitcoin price failed to rise above the $44,300 resistance level. BTC is now falling and could find bids near the $42,400 support area.
- Bitcoin began a downward correction at the $44,300 resistance zone.
- The price is trading below $43,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish channel with support near $42,850.
- The pair could start a new rise from the $42,400 support zone.
Bitcoin price has reached new highs.
Bitcoin price attempted a new rise above the $43,500 resistance zone. BTC broke above the $44,000 level, but bears were actively trading near $44,300.
A high was made near $44,300 and the price began a new decline. The price fell below the $44,000 and $43,500 levels. It has moved below the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $44,300 high.
Bitcoin is currently trading below $43,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bearish channel with support near $42,850.
Currently, the pair is testing channel support, below which a decline may occur towards the 50% Fib retracement level of $42,400 or the rise from the $40,515 swing low to the $44,300 high. There may be a new increase if the bulls protect the channel support.
On the other hand, immediate resistance is close to the $43,500 level. The first major resistance is forming near $44,000 and $44,300. A break above the $44,300 resistance could initiate a strong rebound and the price may break above the $45,000 resistance.
Source: TradingView.com BTCUSD
The next major resistance could be near $46,500, above which BTC could rise towards the $47,200 level. If more profits are made, the price could rise to $48,000.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $43,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $42,800 level.
The next major support is near $42,400. A drop below $42,400 risks further losses. If stated, the price may fall towards the $41,200 support in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $42,400, then $41,200.
Key resistance levels – $43,500, $44,300 and $45,000.
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