BTC / USD
26,367.93
0.47%
(+122.25)
ETH / USD
1,611.40
1.45%
(+23.1)
XRP / USD
0.50
0.15%
(0)
LTC / USD
64.68
0.55%
(+0.35)
EOS / USD
0.57
0.86%
(0)
BCH / USD
220.15
3.33%
(+7.1)
ADA / USD
0.25
0.05%
(0)
XLM / USD
0.11
1.44%
(0)
NEO / USD
7.25
0.51%
(+0.04)
XEM / USD
0.03
0.79%
(0)
DASH / USD
26.92
0.25%
(+0.07)
USDT / USD
1.00
0.05%
(-0)
BNB / USD
213.84
0.89%
(+1.88)
QTUM / USD
2.16
1.07%
(+0.02)
XVG / USD
0.00
3.42%
(0)
ONT / USD
0.17
0.37%
(0)
ZEC / USD
26.21
1.46%
(+0.38)
STEEM / USD
0.17
0.2%
(0)

Bitcoin Key Indicators Suggest A Strengthening Case For Move Below $40K

0

Bitcoin failed to stay above the $43,000 support against the US Dollar. BTC is trading in a bearish zone and could continue to move down below $41,200.

  • Bitcoin is struggling to climb above the $42,500 and $42,800 resistance levels.
  • The price is trading below $43,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $42,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a major increase if there is a clear move above the $43,000 resistance.

Bitcoin Price Is Showing Bearish Signs

Bitcoin price failed to accelerate higher above the $43,500 resistance zone. As a result, there was a bearish reaction below the $43,000 pivot level.

The price traded below the $42,500 and $42,000 support levels. It even traded close to $41,500 and settled below the 100 hourly simple moving average. A low was formed near $41,579 before the price started an upside correction.

Bitcoin price was able to recover above the $42,000 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $43,800 swing high to $41,579 low.

On the upside, an initial resistance is near the $42,500 level. The next major resistance is near the $42,650 level. There is also a major bearish trend line forming with resistance near $42,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The trend line is near the 50% retracement level of the recent decline from the $43,800 swing high to $41,579 low. A clear move above the $42,800 level might send the price towards the $43,500 resistance. Any more gains may perhaps call for a test of the $44,000 resistance zone. The next major resistance is near the $45,000 level.

More Losses in BTC?

If bitcoin fails to start a fresh increase above $42,800, it could continue to move down. An immediate support on the downside is near the $42,000 zone.

The first major support is seen near the $41,500 zone. A downside break below the $41,500 support zone could increase the chances of more downsides. The next major support is near $40,000, below which the bears might take control.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

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

Major Support Levels – $41,500, followed by $41,200.

Major Resistance Levels – $42,650, $42,800 and $43,500.

Leave A Reply

Your email address will not be published.