Bitcoin price struggled to clear the USD 43,750 resistance. BTC is now falling and there could be more losses if there is a move below the USD 41,800 level.
- Bitcoin price is slowly declining from the USD 43,750 resistance zone.
- The price is trading below $42,800 and the 100 hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if there is a close below the $41,800 level.
Bitcoin price starts to fall again
Bitcoin price tried to make more gains above the USD 42,500 resistance zone. BTC has crossed the USD 43,500 resistance zone, but the bears were active near the USD 43,800 zone.
The bulls made more than two attempts to raise $43,800, but failed. A high was formed around $43,742 and the price started falling again. There was a move below the USD 43,000 level. Additionally, there was a break below a connecting bullish trendline with support near $42,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $42,800 and the 100 hourly Simple Moving Average. A low was formed near USD 41,888 and the price is now 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 downward move from the $43,742 swing high to the $41,888 low, above which the price could start a decent climb. The next stop for the bulls could be as high as $43,200.
Source: BTCUSD on TradingView.com
A clear move above the USD 43,200 resistance could send the price towards the USD 43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the USD 45,000 level could push the price further higher. The next major resistance is at $46,500.
Lose more in BTC?
If Bitcoin fails to rise above the USD 42,800 resistance zone, it could continue to decline. The immediate downside support is near the USD 41,800 level.
The first major support is at $41,200. The main support could be at $40,950. If there is a close below $40,950, the price may gain bearish momentum. In the said case, the price could dive towards the $40,000 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 41,800, followed by USD 41,200.
Major resistance levels – $42,350, $42,800 and $43,800.
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