Bitcoin price struggled to clear resistance at $43,750. BTC is currently declining and a move below the $41,800 level could result in more losses.
- Bitcoin price is slowly falling from the $43,750 resistance zone.
- The price is trading below $42,800 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the connecting bullish trendline with support around $42,500.
- A close below the $41,800 level could lead the pair to continue falling.
Bitcoin price begins another decline
Bitcoin price attempted to rise further above the $42,500 resistance zone. BTC passed the $43,500 resistance zone, but bears remained active near the $43,800 zone.
The bulls tried more than once to clear $43,800 but failed. A high was made near $43,742 and the price began a new decline. There was a move below the $43,000 level. Moreover, on the hourly chart of the BTC/USD pair, a break occurred below the connecting bullish trend line with support around $42,500.
Bitcoin is currently trading below $42,800 and the 100-hour simple moving average. A low was formed near $41,888 and the price is currently consolidating losses. Immediate resistance is near the $42,350 level. It is close to the 23.6% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low.
The next major resistance could be $42,800 or the 50% Fib retracement level of the downside move from the $43,742 swing high to the $41,888 low, above which the price could begin a significant rise. The next stop for the bulls could possibly be $43,200.
Source: TradingView.com BTCUSD
A clear break above the $43,200 resistance level could lead the price to move towards the $43,800 resistance level. The next resistance is now forming near the $44,200 level. Prices could go higher beyond the $45,000 level. The next major resistance level is $46,500.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $42,800 resistance zone, it may continue to fall. Immediate support for the downside is near the $41,800 level.
The first major support is at $41,200. Major support may be $40,950. The price could gain bearish momentum if it closes below $40,950. If stated, the price may plunge towards the $40,000 support.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $41,800, then $41,200.
Key resistance levels – $42,350, $42,800 and $43,800.
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