CRYPTO

Bitcoin dives into K0 thousand dollars, why the recovery can be stopped


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.

Technical indicators:

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.



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