Bitcoin price is struggling below the USD 43,500 resistance zone. BTC could fall again if it stays below the 100 hourly SMA.
- Bitcoin price started a major decline from the USD 49,000 resistance zone.
- The price is trading below $43,250 and the 100 hourly Simple Moving Average.
- A major 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 new decline if it stays below the USD 43,250 resistance zone.
Bitcoin price turns red
Bitcoin price started a major decline from the USD 49,000 resistance zone. BTC traded below the USD 46,500 and USD 45,000 support levels to enter a short-term bearish zone.
The bears even pushed the price below the $42,500 support zone before the bulls appeared. A low was formed near USD 41,476 and the price is now consolidating losses. It recovered a few points above the USD 42,000 level. The price tested the 23.6% Fib retracement level of the key decline from the $49,000 swing high to the $41,476 low.
Bitcoin is now trading below $43,250 and the 100 hourly Simple Moving Average. A major descending channel is also forming with resistance near $43,050 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $43,000 level and the channel zone. The first major resistance is $43,250, or the 100 hourly Simple Moving Average. A clear move above the USD 43,250 resistance could send the price towards the USD 44,450 resistance.
Source: BTCUSD on TradingView.com
The next resistance is now forming around the $45,250 level. It is close to the 50% Fib retracement level of the main decline from the $49,000 swing high to the $41,476 low. A close above the $45,250 level could trigger a strong surge and send the price higher. The next major resistance is at $47,000.
Lose more in BTC?
If Bitcoin fails to rise above the USD 43,250 resistance zone, it could start a new decline. The immediate downside support is near the $42,120 level.
The next major support is $41,500. If there is a close below $41,500, the price may 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.
Major support levels – USD 42,120, followed by USD 41,500.
Major resistance levels – $43,050, $43,250 and $44,450.
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