Bitcoin failed again to clear the $ 45,500 resistance zone against the US Dollar. BTC is declining and remains at a risk of more losses below $ 42,500.
- Bitcoin attempted another upside break above $ 45,500 but failed.
- The price is trading below $ 43,500 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $ 43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline sharply if there is a clear move below the $ 42,500 support zone.
Bitcoin Price Corrects Gains
Bitcoin price attempted an upside break above the $ 45,500 resistance zone. However, BTC struggled to gain pace above the $ 45,500 level. A high was formed near $ 45,900 and the price started a fresh decline.
The price moved below the $ 45,000 and $ 44,500 support levels. Besides, there was a break below a key bullish trend line with support near $ 43,500 on the hourly chart of the BTC/USD pair. The pair is now trading below $ 43,500 and the 100 hourly simple moving average.
Bitcoin is now finding bids near the $ 42,600 level. A low is formed near $ 42,664 and the price is now consolidating losses. An immediate resistance is near the $ 43,450 level. It is near the 23.6% Fib retracement level of the recent decline from the $ 45,900 high to $ 42,664 low.
The first major resistance is near the $ 44,000 level and the 100 hourly simple moving average. The next key resistance is near the $ 44,250 level. It is near the 50% Fib retracement level of the recent decline from the $ 45,900 high to $ 42,664 low.
Source: BTCUSD on TradingView.com
A clear upside break above the $ 44,250 level might open the doors for more upsides. The main resistance on the upside is still near the $ 45,500 level.
More Losses in BTC?
If bitcoin fails to start a fresh increase above $ 44,250, it could continue to move down. An immediate support on the downside is near the $ 42,600 zone.
The next major support is seen near the $ 42,500 level. If there is a downside break below the $ 42,500 support, the price could start a major decline towards the $ 41,200 level.
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 – $ 42,500, followed by $ 41,200.
Major Resistance Levels – $ 44,000, $ 44,250 and $ 45,500.
