Bitcoin price started a downside correction from the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4 hours). There was a break below a major bullish trend line with support near ,500 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could start a fresh increase if it stays above the ,450 support zone. Bitcoin price is correcting lower below ,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the ,000 zone. Bitcoin Price Analysis Bitcoin price extended its increase above the ,000 level and rallied toward the ,000 resistance zone. A high was formed near ,000 before the price started a downside correction. There was
Topics:
Aayush Jindal considers the following as important: Bitcoin News, BTC, News, Trading
This could be interesting, too:
Godfrey Benjamin writes Polygon Co-Founder Shares Optimism on New Miden Alpha Testnet
Steve Muchoki writes KuCoin Announces Strategic Partnership with Bugcrowd to Enhance Secure Crypto Trading Environment
Bena Ilyas writes 20% of Swing State Voters Prioritize Crypto in Upcoming US Elections
Chimamanda U. Martha writes Crypto Market Maker QCP Capital Secures In-Principle Approval to Operate in Abu Dhabi
- Bitcoin price started a downside correction from the $45,000 zone against the US Dollar.
- The price is now trading below $43,000 and the 55 simple moving average (4 hours).
- There was a break below a major bullish trend line with support near $43,500 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it stays above the $40,450 support zone.
Bitcoin price is correcting lower below $43,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $40,000 zone.
Bitcoin Price Analysis
Bitcoin price extended its increase above the $40,000 level and rallied toward the $42,000 resistance zone. A high was formed near $45,000 before the price started a downside correction. There was a clear move below the $43,500 and $43,000 levels.
The bears were able to push the price toward the 50% Fib retracement level of the upward move from the $37,612 swing low to the $45,000 high. Besides, there was a break below a major bullish trend line with support near $43,500 on the 4-hour chart of the BTC/USD pair.
It is now trading below $43,000 and the 55 simple moving average (4 hours). However, the bulls are now active near the $40,500 support. Immediate resistance on the upside is near the $42,000 level.
The next major resistance might be near the $43,000 zone and the 55 simple moving average (4 hours). A clear move above the $43,000 level might send the price toward $44,500, above which the price might rise toward the $45,000 level. Any more gains might push the price toward the $46,500 zone.
If there is no upside break, the price might continue to decline below the $41,000 level. The first major support is $40,500 or the 61.8% Fib retracement level of the upward move from the $37,612 swing low to the $45,000 high.
The next key support is near the $39,350 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $38,500 level. Any more losses might send the price toward the $36,000 level.
Looking at the chart, Bitcoin price is clearly trading below $43,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $40,500 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $40,500 and $39,350.
Key Resistance Levels – $42,000, $43,000, and $45,000.