Bitcoin extended decline below the $42,000 level against the US Dollar. BTC remains at a risk of more downsides if it stays below the $43,000 pivot zone.
- Bitcoin extended decline and traded below the key $42,000 support zone.
- De Präis handelt ënner $ 43,000 an den 100 Stonne einfache bewegende Moyenne.
- Et ass e wichtege Rising Kanal mat Ënnerstëtzung bei $ 41,650 am Stonneplang vum BTC / USD Paar (Datefeed vu Kraken).
- The pair might continue to move down if there is no recovery wave above $43,000.
Bitcoin Präis verlängert Réckgang
Bitcoin price started a major decline below the $45,000 and $43,500 support levels. BTC even declined below the $42,000 support zone to move further into a bearish zone.
The price settled below the $43,000 level and the 100 hourly simple moving average. The bears attempted a push towards $40,000. A low was formed near $40,555 before there was a recovery wave. The price recovered above the $42,000 level and the 100 hourly simple moving average.
However, the bears remained active near the $42,800 zone. A high is formed near $42,786 and the price is now declining. There was a move below the 23.6% Fib retracement level of the recent wave from the $40,555 swing low to $42,786 high.
It is now trading near the $41,750 support. The 50% Fib retracement level of the recent wave from the $40,555 swing low to $42,786 high is also near $41,650.
Besides, there is a key rising channel forming with support near $41,650 on the hourly chart of the BTC/USD pair. On the upside, the first major resistance is near the $42,250 level and the 100 hourly SMA. The next major resistance is near the $43,000 level.
Quell: BTCUSD op TradingView.com
A clear move above the $43,000 resistance zone could start a decent recovery wave. The next major resistance is near the $44,500 level.
Méi Downsides am BTC?
If bitcoin fails to recover above $43,000, it could continue to move down. An immediate support is near the $41,800 zone. The first major support is near $41,650 and the channel trend line.
A downside break below the trend line support could spark a move below $41,000. In the stated case, the price may possibly decline towards the $40,000 level in the near term.
Technesch Indikatiounen:
Hourly MACD - De MACD gewënnt elo Tempo an der bearish Zone.
Hourly RSI (Relative Strength Index) - De RSI fir BTC / USD ass elo no bei dem 50 Niveau.
Major Support Levels - $ 41,650, gefollegt vun $ 40,000.
Major Resistenzniveauen - $ 42,750, $ 43,000 an $ 44,500.
Source: https://www.newsbtc.com/analysis/btc/bitcoin-case-for-more-downsides/