BTC / USD
27,557.90
2.63%
(-744.1)
ETH / USD
1,752.16
3.48%
(-63.25)
XRP / USD
0.44
1.97%
(+0.01)
LTC / USD
93.00
2.17%
(-2.06)
EOS / USD
1.16
0.09%
(-0)
BCH / USD
125.58
2.76%
(-3.56)
ADA / USD
0.36
1.09%
(-0)
XLM / USD
0.09
1.25%
(-0)
NEO / USD
12.12
6.92%
(-0.9)
XEM / USD
0.04
3.25%
(-0)
DASH / USD
61.10
3.57%
(-2.26)
USDT / USD
1.00
0%
(0)
BNB / USD
324.02
0.5%
(-1.62)
QTUM / USD
3.13
5.18%
(-0.17)
XVG / USD
0.00
1.01%
(-0)
ONT / USD
0.22
3.62%
(-0.01)
ZEC / USD
35.88
3.65%
(-1.36)
STEEM / USD
0.20
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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