Bitcoin price started a fresh decline from the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could start a strong upward move if there was a break above the ,000 resistance. Bitcoin price is trading below ,000 against the US Dollar. BTC might continue to decline as long as it is below the ,000 resistance level. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,000 resistance. BTC traded below the ,000 and ,000 support levels to move again into a bearish zone. There was also a move below the ,000 level.
Topics:
Aayush Jindal considers the following as important: Bitcoin, Bitcoin News, BTC, News, Trading
This could be interesting, too:
Bilal Hassan writes Ripple Launches RLUSD, a Stablecoin Backed by U.S. Dollar Reserves
Bilal Hassan writes MicroStrategy Increases Bitcoin Holdings with New .5B Purchase
Emily John writes Trump Confirms Bitcoin Reserve Plans Spark Trillion Boom
Bilal Hassan writes Bitpanda Receives VARA Approval for UAE Launch
- Bitcoin price started a fresh decline from the $45,000 zone against the US Dollar.
- The price is now trading below $44,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $43,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a strong upward move if there was a break above the $44,000 resistance.
Bitcoin price is trading below $45,000 against the US Dollar. BTC might continue to decline as long as it is below the $44,000 resistance level.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $45,000 resistance. BTC traded below the $44,000 and $42,000 support levels to move again into a bearish zone.
There was also a move below the $40,000 level. However, the bulls remained active near the $39,650 zone. A low is formed near $39,650 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $47,990 swing high to $39,650 low.
It is trading below $44,000 and the 55 simple moving average (4-hours). On the upside, an initial resistance is near the $43,800 level. There is also a major bearish trend line forming with resistance near $43,800 on the 4-hours chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $47,990 swing high to $39,650 low. A clear upside break above the trend line might push the price towards $44,800.
The next major resistance on the upside is near the $45,500 level. An immediate support on the downside is near the $42,000 level.
The next key support is near the $41,500 level. If the price fails to stay above $41,500, it could extend losses in the near term. The next major support sits near $40,500, below which there is a risk of a move towards the $38,800 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $44,000 and the 55 simple moving average (4-hours). Overall, the price could start a strong upward move if there was a break above the $44,000 resistance.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $42,000 and $41,500.
Key Resistance Levels – $43,800, $44,000 and $44,800.