bitcoin price failed to extend gains above the $44,300 resistance. btc is now moving lower and could find bids near the $42,400 support zone.
- bitcoin started a downward correction from the $44,300 resistance zone.
- The price is trading below $43,500 and the 100 hourly simple moving average.
- A key descending channel is forming with support near $42,850 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could start a new rise from the $42,400 support zone.
bitcoin price rises again
bitcoin price attempted a fresh rise above the $43,500 resistance zone. btc rose above the $44,000 level, but the bears were active near the $44,300 area.
A high was formed near $44,300 and the price started a new decline. The price fell below the $44,000 and $43,500 levels. There was a move below the 23.6% Fibonacci retracement level of the upward move from the low of $40,515 to the high of $44,300.
bitcoin is now trading below $43,500 and the 100 hourly simple moving average. There is also a key descending channel forming with support near $42,850 on the hourly chart of the btc/USD pair.
The pair is now testing the channel support, below which it could accelerate towards $42,400 or the 50% Fibonacci retracement level of the upward move from the low of $40,515 to the high of $44,300. If the bulls protect the channel support, there could be a fresh rise.
On the upside, immediate resistance is near the $43,500 level. The first major resistance is forming near $44,000 and $44,300. A close above the $44,300 resistance could start a strong rally and the price could even surpass the $45,000 resistance.
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Fountain: BTCUSD on TradingView.com
The next key resistance could be near $46,500, above which btc could rally towards the $47,200 level. Any additional gains could send the price towards $48,000.
More losses in btc?
If bitcoin fails to break above the $43,500 resistance zone, it could continue to decline. Immediate downside support is near the $42,800 level.
The next major support is near $42,400. If there is a move below $42,400, there is a risk of further losses. In the indicated case, the price could fall towards the $41,200 support in the near term.
Technical indicators:
MACD Hourly: 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.
Main support levels: $42,400, followed by $41,200.
Main resistance levels: $43,500, $44,300 and $45,000.
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
