Bitcoin price is struggling below the $43,500 resistance zone. BTC could start another decline if it stays below the 100 hourly SMA.
- Bitcoin price started falling sharply from the $49,000 resistance zone.
- The price is trading below $43,250 and the 100 hourly simple moving average.
- A key descending channel is forming with resistance near $43,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline if it stays below the $43,250 resistance zone.
Bitcoin price turns red
Bitcoin price started falling sharply from the $49,000 resistance zone. BTC traded below the $46,500 and $45,000 support levels and entered a short-term bearish zone.
The bears even pushed the price below the $42,500 support zone before the bulls emerged. A low was formed at $41,476 and the price is now consolidating its losses. It recovered a few points above the $42,000 level. The price tested the 23.6% Fibonacci retracement level of the key decline from the swing high at $49,000 to the low at $41,476.
Bitcoin is now trading below $43,250 and the 100 hourly simple moving average. There is also a key descending channel forming with resistance near $43,050 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance lies near the $43,000 level and the canal zone. The first major resistance lies at $43,250 or the 100 hourly simple moving average. A clear move above the $43,250 resistance could propel the price towards the $44,450 resistance.
Source: BTCUSD on TradingView.com
The next resistance is now forming near the $45,250 level. It is near the 50% Fib retracement level of the crucial decline from the swing high at $49,000 to the low at $41,476. A close above the $45,250 level could trigger a strong increase and push the price higher. The next major resistance is at $47,000.
More losses on BTC?
If Bitcoin fails to rise above the $43,250 resistance zone, a fresh decline could occur. The immediate downside support is near the $42,120 level.
The next major support is at $41,500. If the close is below $41,500, the price could gain bearish momentum. In the mentioned case, the price could fall towards the $40,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $42,120 followed by $41,500.
Major resistance levels – $43,050, $43,250 and $44,450.
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