Ultimate magazine theme for WordPress.
BTC
$59,337.32
+0.15%
ETH
$4,041.10
-0.17%
LTC
$184.95
+0.28%
DASH
$179.45
-2.16%
XMR
$263.24
+0.4%
NXT
$0.02
-6.11%
ETC
$51.75
+7.32%
DOGE
$0.31
+30.65%
ZEC
$151.10
+0.23%
BTS
$0.04
-1.92%
DGB
$0.05
-1.43%
XRP
$1.05
+1.94%
BTCD
$149.06
+0.15%
PPC
$0.75
-5.31%
CRAIG
$0.01
+0.15%
XBS
$2.32
0%
XPY
$0.00
-13.15%
PRC
$0.00
0%
YBC
$6,133.87
+0.15%
DANK
$0.02
+0.15%

Bitcoin Stuck In Range, What Could Spark Key Reversal


Bitcoin price failed to clear the $45,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more downsides below $42,000.

  • Bitcoin failed to continue higher above the $44,500 and $45,000 resistance levels.
  • The price is now trading below $43,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $43,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if it stays below the $43,000 pivot level.

Bitcoin Price Fails Again

Bitcoin price started a steady increase above the $43,000 resistance. BTC even climbed above the $44,000 level and the 100 hourly simple moving average, but it failed to extend gains.

There was no upside continuation above $44,500 and $45,000. As a result, the price started a downside correction below the $44,000 and $43,500 levels. The price declined below the 50% Fib retracement level of the upward move from the $40,802 swing low to $44,327 high.

It is now trading below $43,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $43,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now consolidating near the $42,200 level. The bulls are protecting the 61.8% Fib retracement level of the upward move from the $40,802 swing low to $44,327 high. On the upside, an immediate resistance is near the $42,800 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $43,000 level and the 100 hourly simple moving average. A close above the $43,000 level could start a fresh increase. Having said that, a clear break above $45,000 is must to spark a key reversal in the near term.

More Downsides In BTC?

If bitcoin fails to clear the $43,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $42,200 level.

The first major support is near the $42,000 zone. A close below the $42,000 support level might lead the price towards the $40,800 zone. Any more losses could increase selling pressure for a move below $40,000.

Technical indicators:

Hourly MACD – The MACD is slowly 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 – $42,200, followed by $42,000.

Major Resistance Levels – $42,800, $43,000 and $44,500.

https://fbs.com/?ppk=forexplatform&lang=en

Source link

Comments are closed, but trackbacks and pingbacks are open.