Bitcoin price started a downside correction from the ,400 zone against the US Dollar. The price is now trading below ,200 and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near ,000 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 ,500 support zone. Bitcoin price is correcting lower below ,200 against the US Dollar. BTC might eye another increase if the bulls remain active above the ,500 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 ,424 before the price started a downside correction. There was a
Topics:
Aayush Jindal considers the following as important: Bitcoin News, BTC, News, Trading
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Bitcoin price started a downside correction from the $44,400 zone against the US Dollar.
- The price is now trading below $43,200 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $43,000 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 $40,500 support zone.
Bitcoin price is correcting lower below $43,200 against the US Dollar. BTC might eye another increase if the bulls remain active above the $40,500 zone.
Bitcoin Price Analysis
Bitcoin price extended its increase above the $42,000 level and rallied toward the $45,000 resistance zone. A high was formed near $44,424 before the price started a downside correction. There was a clear move below the $43,500 and $43,200 levels.
The bears were able to push the price toward the 50% Fib retracement level of the upward move from the $40,508 swing low to the $44,424 high. The price even spiked below $42,000.
Bitcoin is now trading below $43,200 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $43,000 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $42,850 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 $44,400, 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 $41,500 level or the 76.4% Fib retracement level of the upward move from the $40,508 swing low to the $44,424 high. The first major support is $40,500.
The next key support is near the $40,000 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 $43,200 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 – $41,500 and $40,500.
Key Resistance Levels – $42,850, $43,000, and $44,450.