Bitcoin price continued to struggle to rise above the $43,800 resistance level. BTC is in a downward trend and could fall significantly if it breaks the support level of $41,800.
- Bitcoin price is falling from the $43,800 resistance zone.
- The price is trading below $42,800 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming with resistance near $42,850.
- If there is a clear move below the $41,800 support, the pair may continue to decline.
Bitcoin price took a hit.
Bitcoin price made another attempt to break above the $43,000 and $43,200 resistance levels. However, BTC struggled to extend its gains and recently began another downtrend below $42,800.
There was a move below the $42,500 support level. A low was formed near $42,232 and the price is currently consolidating losses. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $42,850.
Bitcoin is currently trading below $42,800 and the 100-hour simple moving average. Immediate resistance is near the $42,750 level. The $43,250 swing high to $42,232 low is close to the 50% Fib retracement level of the bearish wave.
The next major resistance could be $42,850 and the trend line. The trend line is close to the 61.8% Fib retracement level of the bearish wave from the $43,250 swing high to the $42,232 low, above which the price could begin a significant rise.
Source: TradingView.com BTCUSD
The next stop on the uptrend could possibly be $43,250. A clear break above the $43,250 resistance may lead the price to move towards the $43,800 resistance. The next resistance is now forming near the $44,200 level. Prices could rise further above the $44,200 level. The next major resistance level is $45,000.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $42,850 resistance zone, another decline could begin. Immediate support for the downside is near the $42,250 level.
The first major support is $41,800. The price could gain bearish momentum if it closes below $41,800. If stated, the price may plunge towards the $40,500 support.
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 – $42,250, then $41,800.
Key resistance levels – $42,750, $42,850 and $43,250.
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