Bitcoin was unable to hold above $43,000 against the US dollar. BTC trading is in a bearish zone, and could move below $41,200.
- Bitcoin struggles to surpass the resistance levels of $42,500 and $42,800.
- It is currently trading at $43,000, below the simple 100-hour moving average.
- A major bearish trend line is emerging with resistance at $42,800 (data feed Kraken).
- If the pair moves above $43,000, it could trigger a significant increase.
Bitcoin price is showing bearish signs
Bitcoin’s price did not accelerate above $43,500 resistance. The result was a bearish response below the $43,000 pivot.
Below the support levels of $42,500 or $42,000, it traded. Even though it traded near $41,500, the price settled under the 100 hourly simple moving mean. The price reached a low of $41,579 just before it began an upward correction.
Bitcoin’s price managed to rise above the $42,000 resistance level. A break occurred above the 23.6% Fib level of the decline from the $43,800 swing high, to the $41,579 low.
The initial resistance for the upside is located at $42,500. Near the $42,650 mark is the next significant resistance. On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $42,650.
Source: BTCUSD from TradingView.com
This trend line lies close to the 50% level of the recent drop from the $43,800 swing high and $41,579 low. The price could move towards $43,500 resistance if it moves clear above the $42,800 mark. A test of $44,000 may be required for any further gains. Next is the $45,000 resistance level.
BTC Losses:
Bitcoin could fall further if it fails to increase its price above $42,800. A support area for bitcoin near $42,000 is immediate.
Near the $41,500 support zone, you will see the first major support. There are more upsides if the downside breaks below the $41,500 zone. Near $40,000 is the next support zone, which could be where bears take over.
Technical indicators
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Levels – $41,500, followed by $41,200.
Major Resistance Levels – $42,650, $42,800 and $43,500.
