Bitcoin price started a strong decline below the ,000 support against the US Dollar. The price is now trading well below ,000 and the 55 simple moving average (4-hours). There is a crucial bearish trend line forming with resistance near ,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is likely to start a strong recovery if it settles above ,000 in the near term. Bitcoin price is attempting an upside correction from ,000 against the US Dollar. BTC must surpass ,000 and ,000 to start a strong upward move. Bitcoin Price Analysis Bitcoin price failed to stay above the main ,000 support zone. As a result, there was a major decline below the ,000 support and the 55 simple moving average (4-hours). The price even
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- Bitcoin price started a strong decline below the $40,000 support against the US Dollar.
- The price is now trading well below $45,000 and the 55 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $40,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to start a strong recovery if it settles above $42,000 in the near term.
Bitcoin price is attempting an upside correction from $30,000 against the US Dollar. BTC must surpass $40,000 and $42,000 to start a strong upward move.
Bitcoin Price Analysis
Bitcoin price failed to stay above the main $50,000 support zone. As a result, there was a major decline below the $45,000 support and the 55 simple moving average (4-hours).
The price even broke the $40,000 support zone. The decline gained pace below the $36,000 level. It even tested the $30,000 support zone. A low is formed near $29,976 and the price is now correcting higher. It recovered above the $32,000 and $35,000 levels.
There was a break above the 23.6% Fib retracement level of the recent decline from the $58,050 swing high to $29,976 low. The price is now trading above $36,000 but it is still well below the 55 simple moving average (4-hours).
There is also a crucial bearish trend line forming with resistance near $40,500 on the 4-hours chart of the BTC/USD pair. The next major resistance is near the $42,000 level, followed by the 50% Fib retracement level of the recent decline from the $58,050 swing high to $29,976 low.
A successful break above the trend line and $42,000 could stage a strong recovery in the coming sessions. On the downside, the $35,000 level is a decent support. The main breakdown support is near the $30,000 level, below which the price might drop another 15%-20% in the coming days.
Bitcoin Price
Looking at the chart, bitcoin price is clearly t trading well below $45,000 and the 55 simple moving average (4-hours). Overall, the price is likely to start a strong recovery if it settles above $42,000 in the near term.
Technical indicators
4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.
Key Support Levels – $35,000 and $30,000.
Key Resistance Levels – $40,000, $42,000 and $46,500.