Bitcoin began a new decline against the US dollar at $43,400. BTC is still at risk for further downsides under the $41,500 mark.
- After it fell below $43,400, Bitcoin began a new decline.
- The current price trades below $42,200, and the simple 100-hour moving average.
- A key bearish trendline is emerging with resistance close to $43,200 in the hourly charts of the BTC/USD pairs (data feed Kraken).
- A clear fall below $41,500 could lead to a significant decline in the pair.
Redefinition of Bitcoin’s Price
Bitcoin prices attempted to correct their downward trend above $42,500. BTC reached $43,000 but was subject to strong selling interest.
Price also failed to maintain above $43,000, and below the simple 100 hour moving average. The price fell below $42,500, triggering a new decline. It traded at $42,000 after a bearish trend.
Now, it is trading at $42,200 below the hourly simple moving median of 100. The hourly BTC/USD chart shows a significant bearish trendline with resistance close to $43,200.
Near $41,805, a low has formed and the market is consolidating its losses. Near the $42,185 area, there is immediate resistance to the upside. This is near the 23.6% Fib Retracement level that marked the decline from $43,416 high to $41,805 low.
It could reach $42,600 as the next resistance. The pivot zone is close by and near the 50% Fib level, which marks the recent fall from the $43,416 swing high to the $41,805 lower. It is currently forming resistance near $43,000, and the 100 hourly SMA.
Source: BTCUSD at TradingView.com
Bitcoin must cross the $42,600 resistance level and reach $43,000 to see any decent price increase. If the previous scenario is true, then the Bitcoin price might rise towards $43,600 resistance.
BTC Losses:
Bitcoin could move lower if it fails to break the $43,000 resistance level. Near the $41,800 mark, there is immediate support for the downside.
Next major support can be seen at the $41,500 mark. Losses could be accelerated if the price falls below $41,500. If this happens, then the price might drop below the $41,500 support level in the short term. 40,000. This could be 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 now below the 50 level.
Major Support Levels – $41,500, followed by $40,500.
Major Resistance Levels – $42,600, $43,000 and $43,600.
