Bitcoin price once again failed to break the USD 44,000 resistance zone. BTC is falling and may be at risk of a downside break below the USD 41,500 level.
- Bitcoin is slowly falling from the USD 43,800 resistance zone.
- The price is trading below $43,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $42,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it remains below the USD 43,000 level.
Bitcoin price takes a hit
Bitcoin price made another attempt to gain pace above the USD 43,200 level. BTC climbed above the USD 43,500 level but struggled to reach the USD 44,000 resistance zone.
A high was formed around $43,792 and the price started falling again. A clear inverted V pattern formed and the price fell below the USD 43,200 level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.
Bitcoin is now trading below $43,000 and the 100 hourly Simple Moving Average. It is also consolidating below the 61.8% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.
On the upside, immediate resistance is around the $42,500 level. There is also a major bearish trendline forming with resistance around $42,550 on the hourly chart of the BTC/USD pair. The first major resistance is $43,000. A close above the USD 43,000 level could send the price rising further.
Source: BTCUSD on TradingView.com
The main hurdle is at $43,250. A close above the $43,250 resistance could mark a decent move towards the $43,800 level. The next major resistance could be near $44,000, above which BTC could rise towards the $45,000 level.
Lose more in BTC?
If Bitcoin fails to rise above the $43,000 resistance zone, the price may continue to decline. The immediate downside support is near the USD 42,150 level.
The next major support is near $41,650. If there is a move below $41,650, there is a risk of more losses. In the mentioned case, the price could fall towards the USD 40,500 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 42,150, followed by USD 41,650.
Major resistance levels – $42,550, $43,000 and $43,800.
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