BTC / USD
38,822.51
1.27%
(+488.38)
ETH / USD
2,106.07
1.3%
(+27.03)
XRP / USD
0.61
1.22%
(+0.01)
LTC / USD
71.69
0.45%
(+0.32)
EOS / USD
0.69
2.02%
(+0.01)
BCH / USD
226.79
1.51%
(+3.37)
ADA / USD
0.39
2.15%
(+0.01)
XLM / USD
0.12
0.94%
(0)
NEO / USD
11.42
3.3%
(+0.37)
XEM / USD
0.04
0.93%
(0)
DASH / USD
31.16
2.95%
(+0.89)
USDT / USD
1.00
0.02%
(0)
BNB / USD
227.49
0.28%
(-0.64)
QTUM / USD
3.09
1.84%
(+0.06)
XVG / USD
0.00
1.66%
(0)
ONT / USD
0.23
1.6%
(0)
ZEC / USD
30.68
3.84%
(+1.13)
STEEM / USD
0.26
1.87%
(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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