Bitcoin price once again failed to break the USD 44,000 resistance zone. BTC is falling and may be at risk of a downside break below the USD 41,500 level.
- Bitcoin is slowly falling from the USD 43,800 resistance zone.
- The price is trading below $43,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $42,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it remains below the USD 43,000 level.
Bitcoin price takes a hit
Bitcoin price made another attempt to gain pace above the USD 43,200 level. BTC climbed above the USD 43,500 level but struggled to reach the USD 44,000 resistance zone.
A high was formed around $43,792 and the price started falling again. A clear inverted V pattern formed and the price fell below the USD 43,200 level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.
Bitcoin is now trading below $43,000 and the 100 hourly Simple Moving Average. It is also consolidating below the 61.8% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.
On the upside, immediate resistance is around the $42,500 level. There is also a major bearish trendline forming with resistance around $42,550 on the hourly chart of the BTC/USD pair. The first major resistance is $43,000. A close above the USD 43,000 level could send the price rising further.
Source: BTCUSD on TradingView.com
The main hurdle is at $43,250. A close above the $43,250 resistance could mark a decent move towards the $43,800 level. The next major resistance could be near USD 44,000, above which BTC could rise towards the USD 45,000 level.
Lose more in BTC?
If Bitcoin fails to rise above the $43,000 resistance zone, the price may continue to decline. The immediate downside support is near the USD 42,150 level.
The next major support is near $41,650. If there is a move below $41,650, there is a risk of more losses. In the mentioned case, the price could fall towards the USD 40,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 42,150, followed by USD 41,650.
Major resistance levels – $42,550, $43,000 and $43,800.
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