Bitcoin price is still struggling below the USD 43,250 resistance zone. BTC remains at risk of more downside if it stays below $43,500 for a long time.
- Bitcoin price is still trading within a range of $41,500.
- The price is trading below $43,250 and the 100 hourly Simple Moving Average.
- There was a break below a key ascending channel with support near $42,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of more negative points below the $41,500 support zone.
Bitcoin price turns red
Bitcoin price started a consolidation phase from the $41,500 zone. BTC recovered a few points, but the bears were active around the USD 43,250 and USD 43,500 levels.
The last swing high was almost $43,568 before the price started a new decline. There was a clear move below the USD 43,000 level. Additionally, there was a break below a key ascending channel with support near $42,880 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $43,250 and the 100 hourly Simple Moving Average. It is trying to stage another recovery wave above the USD 42,500 level.
On the upside, the price is facing resistance around the $42,800 level. It is close to the 50% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low. The first major resistance is $43,000. Key resistance is now forming around the $43,250 level.
Source: BTCUSD on TradingView.com
The 76.4% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low is also near $43,250. A clear move above the USD 43,250 resistance could send the price towards the USD 44,000 resistance. The next resistance is now forming near the $44,250 level. A close above the USD 44,250 level could push the price further higher. The next major resistance is at $45,000.
Lose more in BTC?
If Bitcoin fails to rise above the USD 43,250 resistance zone, it could start a new decline. The immediate downside support is near the $42,120 level.
The next major support is $41,450. If there is a close below $41,450, the price may gain bearish momentum. In the mentioned case, the price could fall towards the $40,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 42,120, followed by USD 41,450.
Major resistance levels – $43,000, $43,250 and $44,000.
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