The price of Bitcoin has stabilized below 46 46,000 and has fallen sharply against the US dollar. BTC even traded around $ 40,000 before starting a reverse correction.
- Bitcoin fell below 10% and broke the $ 45,000 and $ 43,000 support levels.
- Prices are now trading below the simple simple average of $ 43,000 and 100 hours.
- The BTC / USD pair (data feed from Kraken) is forming a large bearish trend line with resistance around $ 43,100 per hour on the chart.
- The couple could resume its decline if it fails to recover above the $ 43,000 mark.
Bitcoin corrects price losses
The value of Bitcoin has failed to stay above the $ 46,000 support zone. As a result, there has been a sharp fall below the TC 45,000 level in BTC (discussed yesterday).
Prices have broken many support zones around $ 44,000 and $ 43,000 to enter a bearish zone. The decline has risen below $ 42,000 and prices have stabilized below the 100-hour simple moving average. It traded around $ 40,000 and formed a low around $ 40,200.
Bitcoin is now making higher corrections and it has broken the $ 41,500 level. The recent drop from the $ 44,250 swing high to the ড্র 40,200 minimum was able to exceed the 50% Fib retracement level.
An instantaneous resistance upside is near the $ 43,000 level. The first major resistance sits near the $ 43,100 level. The hourly chart of the BTC / USD pair also has a large bearish trend line with resistance near $ 43,100.
Source: BTCUSD on TradingView.com
The recent drop in the trend line 76.4% Fib retracement level from 44 44,250 to a high of $ 40,200. To start a strong recovery, the price needs to clear the $ 43,100 resistance. The next major resistance is near the $ 44,000 zone, above which the price may reconsider the 45,000 resistance.
More damage to BTC?
If Bitcoin fails to clear the $ 43,100 resistance zone, it could start its fall again. On the downside an immediate support is near the $ 42,200 level.
The next major support is around the $ 41,500 zone. A negative break below the $ 41,500 zone could lead to a new fall towards the 40,500 level or even $ 40,000.
MACD per hour – MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC / USD is still below 50 level.
Key Support Level – $ 41,500, then $ 40,500.
Major resistance levels – $ 43,000, $ 43,100 and $ 44,000.