TA: Bitcoin Key Indicators Suggest A Strengthening Case For Move Below $40K
17 Enero 2022 - 9:08PM
NEWSBTC
Bitcoin failed to stay above the $43,000 support against the US
Dollar. BTC is trading in a bearish zone and could continue to move
down below $41,200. Bitcoin is struggling to climb above the
$42,500 and $42,800 resistance levels. The price is trading below
$43,000 and the 100 hourly simple moving average. There is a major
bearish trend line forming with resistance near $42,800 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could start a major increase if there is a clear move above the
$43,000 resistance. Bitcoin Price Is Showing Bearish Signs Bitcoin
price failed to accelerate higher above the $43,500 resistance
zone. As a result, there was a bearish reaction below the $43,000
pivot level. The price traded below the $42,500 and $42,000 support
levels. It even traded close to $41,500 and settled below the 100
hourly simple moving average. A low was formed near $41,579 before
the price started an upside correction. Bitcoin price was able to
recover above the $42,000 resistance zone. There was a break above
the 23.6% Fib retracement level of the recent decline from the
$43,800 swing high to $41,579 low. On the upside, an initial
resistance is near the $42,500 level. The next major resistance is
near the $42,650 level. There is also a major bearish trend line
forming with resistance near $42,800 on the hourly chart of the
BTC/USD pair. Source: BTCUSD on TradingView.com The trend line is
near the 50% retracement level of the recent decline from the
$43,800 swing high to $41,579 low. A clear move above the $42,800
level might send the price towards the $43,500 resistance. Any more
gains may perhaps call for a test of the $44,000 resistance zone.
The next major resistance is near the $45,000 level. More Losses in
BTC? If bitcoin fails to start a fresh increase above $42,800, it
could continue to move down. An immediate support on the downside
is near the $42,000 zone. The first major support is seen near the
$41,500 zone. A downside break below the $41,500 support zone could
increase the chances of more downsides. The next major support is
near $40,000, below which the bears might take control. Technical
indicators: Hourly MACD – The MACD is slowly gaining pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is below the 50 level. Major Support Levels – $41,500,
followed by $41,200. Major Resistance Levels – $42,650, $42,800 and
$43,500.
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