Bitcoin cost settled listed below $46,000 and decreased greatly versus the United States Dollar. BTC even traded close to $40,000 before starting an upside correction.
- Bitcoin is down over 10% and it broke the $45,000 and $43,000 assistance levels.
- The price is now trading below $43,000 and the 100 hourly simple moving average.
- There is a significant bearish pattern line forming with resistance near $43,100 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The pair could resume its decline if it fails to recover above the $43,000 zone.
Bitcoin Price Corrects Losses
Bitcoin cost stopped working to remain above the $46,000 assistance zone. As a result, there was a sharp decline in BTC below the $45,000 level (as discussed yesterday).
The cost broke lots of assistance zones near $44,000 and $43,000 to go into a bearish zone. The decline gained below $42,000 and the price settled below the 100 hourly simple moving average. It traded near $40,000 and a low was formed near $40,200.
Bitcoin is now correcting higher and it broke the $41,500 level. The cost had the ability to go beyond the 50% Fib retracement level of the current drop from the $44,250 swing high to $40,200 low.
An immediate resistance on the upside is near the $43,000 level. The initially significant resistance sits near the $43,100 level. There is also a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair.
The pattern line is close to the 76.4% Fib retracement level of the current drop from the $44,250 swing high to $40,200 low. To start a strong recovery, the price must clear the $43,100 resistance. The next significant resistance is near the $44,000 zone, above which the cost could review the $45,000 resistance.
More Losses In BTC?
If bitcoin fails to clear the $43,100 resistance zone, it could resume its decline. An instant assistance on the disadvantage is near the $42,200 level.
The next major support is near the $41,500 zone. A disadvantage break listed below the $41,500 zone could activate a fresh decrease towards the $40,500 level and even $40,000.
Technical signs:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well listed below the 50 level.
Major Support Levels – $41,500, followed by $40,500.
Major Resistance Levels – $43,000, $43,100 and $44,000.
