Bitcoin continued to fall below $45,000 against the US Dollar. BTC still faces the possibility of moving to the $42,000 resistance zone.
- Bitcoin experienced bearish momentum when it breached the $45,000 resistance zone.
- It is currently trading at $45,000, below the simple moving average of 100 hours.
- Two bearish trendlines are forming near $43,900, and $46,400 respectively on the hourly charts of the BTC/USD pair (datafeed from Kraken).
- This pair might continue falling towards $42,000 in the immediate future.
Bitcoin Prices Drop to 5%
From the $47,000 resistance area, Bitcoin’s price began a significant decline. BTC moved into a bearish area when it traded below the $46,000 support level and the $45,500 resistance levels.
Even breaking the $45,000 threshold, the price settled lower than the 100 hourly simple movement average. It finally traded below $43,000 and as low as $42,904. The stock is currently consolidating losses at the $43,000 mark.
The $43,800 mark is the immediate resistance. The 23.6% Fib Retracement level is at the near end of the recent fall from the $46,845 swing low to the $42,904 high. On the hourly chart for the BTC/USD pair, there are two bearish trendlines that form with resistance at $43,900 or $46,400.
Near $44,250 could become the next resistance. Now, the main resistance could be found near $45,000. This is the 50% Fib level of the decline from the $46,845 swing high to the $42,904 low.
Source: BTCUSD from TradingView.com
To start an increase, the Bitcoin price needs to clear both $44,800 and $45,000 levels. If the previous scenario is true, then the Bitcoin price might rise towards $46,000.
BTC Losses:
Bitcoin could move lower if it fails to break the $44,000 resistance level. The $43,000 mark is a support level for the downside.
Next major support will be seen at the $42,800 mark. Selling pressure could be increased if the price falls below $42,800. If this happens, then the price might drop below the $42,800 support zone in the short term. There could be $41,200 as the next support.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $43,000, followed by $42,000.
Major Resistance Levels – $43,800, $44,000 and $45,000.
