Bitcoin price struggled to hold higher above the USD 43,800 resistance. BTC is heading lower and could fall heavily if it breaks the USD 41,800 support.
- Bitcoin price is declining against the USD 43,800 resistance zone.
- The price is trading below $42,800 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $42,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if there is a clear move below the $41,800 support.
Bitcoin price takes a hit
Bitcoin price once again attempted to gain pace above the USD 43,000 and USD 43,200 resistance levels. However, BTC struggled to extend its gains and recently started falling again below $42,800.
There was a move below the $42,500 support. A low is formed near USD 42,232 and the price is now consolidating losses. There is also a major bearish trendline forming with resistance around $42,850 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $42,800 and the 100 hourly Simple Moving Average. The immediate resistance is near the $42,750 level. It is close to the 50% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low.
The next major resistance could be $42,850 and the trendline. The trendline is close to the 61.8% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low, above which the price could start a decent rise.
Source: BTCUSD on TradingView.com
The next stop for the bulls could be as high as $43,250. A clear move above the USD 43,250 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 44,200 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 42,850 resistance zone, it could trigger another decline. The immediate downside support is near the USD 42,250 level.
The first major support is at $41,800. If there is a close below $41,800, the price may gain bearish momentum. In the said case, the price could dive towards the USD 40,500 support.
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 42,250, followed by USD 41,800.
Major resistance levels – $42,750, $42,850 and $43,250.
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