Bitcoin fell below the $43,000 level against the US dollar, marking a new low. BTC dropped sharply to $40,000 but could continue to decline.
- Bitcoin experienced a sharp decline, falling below its $43,000- and $42,500 support levels.
- The 100 hourly moving average and price are both below $42,000
- The hourly BTC/USD chart showed a breaking below a significant bullish trend line, with support close to $43,600. (Data feed from Kraken).
- However, the upsides of this pair might not be as high as $42,000.
The Bitcoin price turns red
Bitcoin’s price declined to $43,180 and failed to hold above it. BTC fell below $42,500 to move into a bearish zone.
Below the $42,000 mark and below the 100-hourly simple moving average, the decline picked up. On the hourly BTC/USD chart, the pair broke below a significant bullish trendline with support close to $43,600. It even traded below the $40,500 resistance and as low as 40,100.
Now, it is consolidating its losses below the $41,000 mark. Surprisingly, the initial resistance level is at $41,000. The Fib Retracement Level of the Recent Dive from the $44,375 Swing High to the $40,100 Low is at 23.6%.
Source: BTCUSD at TradingView.com
Next is resistance at the $41,620 level. Now, the main resistance lies near $42,250. This is near the Fib level that marked the dive from $44,375 high to $40,000.0 low. An increase in the price could be initiated by a clear break above $42,250. Next major resistance will be at $42,750. If the price breaks that level, it could lead to a rise to $43,200.
BTC Losses:
It could move lower if bitcoin does not start a wave of recovery above $41,000 resistance. The $40,350 area is a support zone for the downside.
At the $40,000 support level, there is likely to be the next major support. The price could gain bearish momentum if it breaks below the $40,000 level. This would allow for a move towards $38,800.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $40,350, followed by $40,000.
Major Resistance Levels – $41,000, $41,650 and $42,250.
