Bitcoin Price Stuck In Range, Can BTC Bulls Save The Day?
Bitcoin price struggled to continue higher above the $43,800 resistance. BTC is moving lower and might decline heavily if it breaks the $41,800 support.
Bitcoin price is declining from the $43,800 resistance zone.
The price is trading below $42,800 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to decline if there is a clear move below the $41,800 support.
Bitcoin Price Takes Hit
Bitcoin price made another attempt to gain pace above the $43,000 and $43,200 resistance levels. However, BTC struggled to extend its gains and recently started another decline below $42,800.
There was a move below the $42,500 support. A low is formed near $42,232 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $42,800 and the 100 hourly Simple moving average. Immediate resistance is near the $42,750 level. It is near the 50% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low.
The next key resistance could be $42,850 and the trend line. The trend line is close to the 61.8% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low, above which the price could start a decent increase.
Source: BTCUSD on TradingView.com
The next stop for the bulls may perhaps be $43,250. A clear move above the $43,250 resistance could send the price toward the $43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the $44,200 level could push the price further higher. The next major resistance sits at $45,000.
More Losses In BTC?
If Bitcoin fails to rise above the $42,850 resistance zone, it could start another decline. Immediate support on the downside is near the $42,250 level.
The first major support is $41,800. If there is a close below $41,800, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,500 support.
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.
Major Support Levels – $42,250, followed by $41,800.
Major Resistance Levels – $42,750, $42,850, and $43,250.
