BTC / USD
66,532.82
3.79%
(+2427.1)
ETH / USD
3,686.27
5.91%
(+205.81)
XRP / USD
0.64
1.17%
(+0.01)
LTC / USD
89.60
0.96%
(-0.86)
EOS / USD
1.10
3.32%
(-0.04)
BCH / USD
443.59
2.15%
(-9.77)
ADA / USD
0.76
2.99%
(-0.02)
XLM / USD
0.15
4.55%
(+0.01)
NEO / USD
18.11
0.01%
(0)
XEM / USD
0.05
3.28%
(0)
DASH / USD
40.40
2.92%
(+1.15)
USDT / USD
1.00
0.01%
(0)
BNB / USD
418.51
0.3%
(+1.25)
QTUM / USD
5.45
2.15%
(-0.12)
XVG / USD
0.01
10.86%
(0)
ONT / USD
0.33
0.54%
(-0)
ZEC / USD
33.95
4.94%
(+1.6)
STEEM / USD
0.30
0.23%
(-0)

Bitcoin Turns Lower, Why BTC Could Extend Losses Below $42.5K

0

Bitcoin failed again to clear the $45,500 resistance zone against the US Dollar. BTC is declining and remains at a risk of more losses below $42,500.

  • Bitcoin attempted another upside break above $45,500 but failed.
  • The price is trading below $43,500 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline sharply if there is a clear move below the $42,500 support zone.

Bitcoin Price Corrects Gains

Bitcoin price attempted an upside break above the $45,500 resistance zone. However, BTC struggled to gain pace above the $45,500 level. A high was formed near $45,900 and the price started a fresh decline.

The price moved below the $45,000 and $44,500 support levels. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair. The pair is now trading below $43,500 and the 100 hourly simple moving average.

Bitcoin is now finding bids near the $42,600 level. A low is formed near $42,664 and the price is now consolidating losses. An immediate resistance is near the $43,450 level. It is near the 23.6% Fib retracement level of the recent decline from the $45,900 high to $42,664 low.

The first major resistance is near the $44,000 level and the 100 hourly simple moving average. The next key resistance is near the $44,250 level. It is near the 50% Fib retracement level of the recent decline from the $45,900 high to $42,664 low.

Source: BTCUSD on TradingView.com

A clear upside break above the $44,250 level might open the doors for more upsides. The main resistance on the upside is still near the $45,500 level.

More Losses in BTC?

If bitcoin fails to start a fresh increase above $44,250, it could continue to move down. An immediate support on the downside is near the $42,600 zone.

The next major support is seen near the $42,500 level. If there is a downside break below the $42,500 support, the price could start a major decline towards the $41,200 level.

Technical indicators:

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 – $42,500, followed by $41,200.

Major Resistance Levels – $44,000, $44,250 and $45,500.

Leave A Reply

Your email address will not be published.