Bitcoin price continued its decline below the $41,450 support zone. BTC is showing bearish signs and may struggle to stay above the $40,000 support zone.
- Bitcoin price is gaining bearish momentum below the $42,500 zone.
- The price is below $42,000 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $42,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of further downside towards the $40,000 support zone.
Bitcoin price is gaining downward momentum
Bitcoin price failed to start a recovery wave above the $43,250 resistance zone. BTC formed a short-term high and started a further decline below the $42,120 support zone.
The bears managed to push the price below the $41,450 level. A new weekly low was formed at $40,625 and the price is now consolidating its losses. Trading price is near the 23.6% Fib retracement level of the recent decline from the swing high $43,569 to the low $40,625.
Bitcoin is currently trading below $42,000 and the 100 hourly simple moving average. A key bearish trend line is also forming with resistance near $42,100 on the hourly chart of the BTC/USD pair.
On the other side, the price is facing resistance near the $41,675 level. The next key resistance is near the $42,100 zone and the trend line. It is also close to the 50% Fib retracement level of the recent decline from the swing high $43,569 to the low $40,625.
Source: BTCUSD on TradingView.com
A clear move above the $42,100 resistance could propel the price towards the $43,250 resistance. The next resistance is now forming near the $43,500 level. A close above the $43,500 level could push the price further higher. The next major resistance is at $44,450.
More losses on BTC?
If Bitcoin fails to rise above the $42,100 resistance zone, another downtrend could occur. The immediate downside support is near the $40,750 level.
The next major support is at $40,500. If the close is below $40,500, 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 gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels – $40,750, followed by $40,000.
Major resistance levels – $41,675, $42,100 and $43,250.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.