BTC / USD
16,541.62
0.3%
(-49.35)
ETH / USD
1,211.73
0.69%
(-8.4)
XRP / USD
0.41
0.17%
(-0)
LTC / USD
77.36
0.82%
(-0.64)
EOS / USD
0.94
0.12%
(-0)
BCH / USD
113.06
0.95%
(-1.08)
ADA / USD
0.32
0.78%
(-0)
XLM / USD
0.09
0.83%
(0)
NEO / USD
6.97
0.74%
(-0.05)
XEM / USD
0.03
0.88%
(-0)
DASH / USD
41.70
0.29%
(-0.12)
USDT / USD
1.00
0%
(0)
BNB / USD
313.13
0.66%
(-2.08)
QTUM / USD
2.20
0.5%
(+0.01)
XVG / USD
0.00
0.84%
(0)
ONT / USD
0.18
0.44%
(-0)
ZEC / USD
41.76
0.41%
(-0.17)
STEEM / USD
0.18
1.54%
(-0)

What Could Trigger Another Decline

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Bitcoin extended decline below the $44,000 level against the US Dollar. BTC remains at a risk of more downsides unless there is a break above $45,000.

  • Bitcoin started a major decline below the key $45,500 support zone.
  • The price is trading below $44,000 and the 100 hourly simple moving average.
  • There is a key bearish continuation pattern forming with resistance near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might face resistance if there is a move above the $44,000 level.

Bitcoin Price Remains At Risk

Bitcoin price started a major decline below the $46,500 and $45,000 support levels. BTC remained in a bearish zone and there was a move below the $44,000 level.

The price settled below the $43,500 level and the 100 hourly simple moving average. There was a clear move below the $43,000 level and the price traded as low as $42,424. It is now consolidating losses above the $42,500 level.

An immediate resistance is near the $43,500 level. It is near the 23.6% Fib retracement level of the recent drop from the $47,065 swing high to $42,424 low. There is also a key bearish continuation pattern forming with resistance near $43,500 on the hourly chart of the BTC/USD pair.

The first major resistance on the upside is near the $44,500 level. The next major resistance is near the $44,750 level. It is near the 50% Fib retracement level of the recent drop from the $47,065 swing high to $42,424 low.

Source: BTCUSD on TradingView.com

A clear move above the $44,750 resistance zone could start a decent recovery wave. The next major resistance is near the $45,600 level and the 100 hourly SMA, above which the bulls might gain strength.

More Downsides in BTC?

If bitcoin fails to recover above $44,500, it could continue to move down. An immediate support is near the $42,650 zone. The first major support is near $42,500 and the recent low.

A downside break below the $42,424 low could push the price further lower. In the stated case, the price may possibly decline towards the $40,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $42,500, followed by $40,000.

Major Resistance Levels – $43,500, $44,000 and $44,750.

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