đĄAbove the $43,800 barrier, the price of bitcoin had a hard time going higher. Bitcoin's price is falling and might fall further if it goes below the $41,800 support level.
đĄThe $43,800 barrier zone has failed to prevent Bitcoin's price decline.
đĄThe price has fallen below the 100-hour simple moving average and $42,800.
đĄBased on data feed from Kraken, the hourly chart of the BTC/USD pair shows the formation of a crucial negative trend line, with resistance around $42,850.
đĄIf the pair breaks down below the $41,800 support, it might keep falling.
The Value of Bitcoin Declines
The price of bitcoin once again tried to break through the $43,000 and $43,200 levels of resistance. But bitcoin couldn't hold its gains and has now begun falling again, this time below $42,800.
The $42,500 support level was breached. The price is now consolidating losses after forming a low at $42,232. Near $42,850, there is resistance on the hourly chart of the BTC/USD pair, and a crucial bearish trend line is also emerging.
At its current price, Bitcoin is trading lower than both the 100-hour simple moving average and $42,800. The $42,750 level is the first point of resistance. The price is close to the $42,232 low, which is the 50% Fibonacci retracement level of the falling wave from the $43,250 swing high.
The $42,850 mark and the trend line may provide the following significant obstacle. Above the $42,232 low, the price has the potential to begin a nice ascent, as the trend line is around the 61.8% Fib retracement level of the falling wave from the $43,250 swing high.
The Price of Bitcoin
The bulls may see $43,250 as their next target. The price might go toward the $43,800 barrier if it manages to break out over the $43,250 level. The $44,200 level is now the site of the next resistance. Additional price gains may be possible if the market closes over the $44,200 mark. Crossing $45,000 will be the next big hurdle.
Bitcoin: More Losses?
Another drop could be in the cards for Bitcoin if it can't break through the $42,850 barrier level. On the downside, the $42,250 level provides immediate support.
At $41,800, we find our first crucial support. Price bearish momentum might develop if the market closes below $41,800. The price might fall to the $40,500 support level in the given scenario.
Indicators of technical nature:
On the hourly time frame, the MACD is moving closer to the bearish zone.
The Relative Strength Index (RSI) throughout the hour - Currently, the RSI for BTC/USD is trading below the 50 mark.
The major support levels are $42,250 and $41,800, in that order.
The key levels of resistance are $42,750, $42,850, and $43,250. #Write2Earn #TrendingTopic #TradeNTell #BTC
