Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides

Bitcoin extended decline below the $42,000 level against the US Dollar. BTC remains at a risk of more downsides if it stays below the $43,000 pivot zone.

Bitcoin extended decline and traded below the key $42,000 support zone.
The price is trading below $43,000 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $41,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if there is no recovery wave above $43,000.

Bitcoin Price Extends Decline
Bitcoin price started a major decline below the $45,000 and $43,500 support levels. BTC even declined below the $42,000 support zone to move further into a bearish zone.
The price settled below the $43,000 level and the 100 hourly simple moving average. The bears attempted a push towards $40,000. A low was formed near $40,555 before there was a recovery wave. The price recovered above the $42,000 level and the 100 hourly simple moving average.
However, the bears remained active near the $42,800 zone. A high is formed near $42,786 and the price is now declining. There was a move below the 23.6% Fib retracement level of the recent wave from the $40,555 swing low to $42,786 high.
It is now trading near the $41,750 support. The 50% Fib retracement level of the recent wave from the $40,555 swing low to $42,786 high is also near $41,650.
Besides, there is a key rising channel forming with support near $41,650 on the hourly chart of the BTC/USD pair. On the upside, the first major resistance is near the $42,250 level and the 100 hourly SMA. The next major resistance is near the $43,000 level.

Source: BTCUSD on TradingView.com
A clear move above the $43,000 resistance zone could start a decent recovery wave. The next major resistance is near the $44,500 level.
More Downsides in BTC?
If bitcoin fails to recover above $43,000, it could continue to move down. An immediate support is near the $41,800 zone. The first major support is near $41,650 and the channel trend line.
A downside break below the trend line support could spark a move below $41,000. In the stated case, the price may possibly decline towards the $40,000 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $41,650, followed by $40,000.
Major Resistance Levels – $42,750, $43,000 and $44,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 42,286.33
ethereum
Ethereum (ETH) $ 2,230.13
tether
Tether (USDT) $ 0.999903
bnb
BNB (BNB) $ 230.99
xrp
XRP (XRP) $ 0.613232
solana
Solana (SOL) $ 60.50
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,225.21
cardano
Cardano (ADA) $ 0.401894
dogecoin
Dogecoin (DOGE) $ 0.089699
tron
TRON (TRX) $ 0.103061
chainlink
Chainlink (LINK) $ 15.51
the-open-network
Toncoin (TON) $ 2.40
avalanche-2
Avalanche (AVAX) $ 22.25
matic-network
Polygon (MATIC) $ 0.796181
polkadot
Polkadot (DOT) $ 5.60
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,256.32
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 72.30
dai
Dai (DAI) $ 0.996491
bitcoin-cash
Bitcoin Cash (BCH) $ 242.14
uniswap
Uniswap (UNI) $ 6.21
leo-token
LEO Token (LEO) $ 3.72
okb
OKB (OKB) $ 57.53
stellar
Stellar (XLM) $ 0.120437
monero
Monero (XMR) $ 169.66
kaspa
Kaspa (KAS) $ 0.140640
ethereum-classic
Ethereum Classic (ETC) $ 19.95
true-usd
TrueUSD (TUSD) $ 0.997925
cosmos
Cosmos Hub (ATOM) $ 9.68
crypto-com-chain
Cronos (CRO) $ 0.095316
internet-computer
Internet Computer (ICP) $ 5.04
near
NEAR Protocol (NEAR) $ 2.21
filecoin
Filecoin (FIL) $ 4.63
hedera-hashgraph
Hedera (HBAR) $ 0.064716
lido-dao
Lido DAO (LDO) $ 2.34
aptos
Aptos (APT) $ 7.44
bittensor
Bittensor (TAO) $ 331.09
thorchain
THORChain (RUNE) $ 6.38
immutable-x
Immutable (IMX) $ 1.44
vechain
VeChain (VET) $ 0.024771
mantle
Mantle (MNT) $ 0.574287
blockstack
Stacks (STX) $ 1.22
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.75
quant-network
Quant (QNT) $ 101.09
the-graph
The Graph (GRT) $ 0.152275
aave
Aave (AAVE) $ 96.74
arbitrum
Arbitrum (ARB) $ 1.07
terra-luna
Terra Luna Classic (LUNC) $ 0.000231