Prediction/Analysis

TA: Bitcoin breaks key support, why BTC could review $ 40,000

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Bitcoin’s price was not above the $ 45,000 level of support against the US Dollar. BTC is showing some bearish signals and may fall below $ 40,000

  • Bitcoin continued to fall below the support levels at $ 45,500 & $ 45,000
  • The price is currently trading at $ 46,000 and the simple moving average of 100 hours.
  • A key bearish trendline has formed with resistance at $ 45,800 on hourly chart for the BTC/USD pair (Kraken data stream).
  • The pair could sustain losses, but gains could be limited to $ 45,500.

Bitcoin prices continue to fall

After failing to break through the resistance zone $ 48,000., Bitcoin prices have started to fall further. BTC broke through $ 46,500 resistance zone to enter a bearish zone.

For some time it has been consolidating above $45,500, but the bears now have complete control. There was a push below $ 45,000 support and the 100-hour simple moving average. Bitcoin traded at just $ 44 2,588, and even rose below $ 44 500

He is now consolidating the losses above the $ 44 500 level. There was a break above 23.6% Fib level of the recent fall from $ 47.203 to $ 44.258.

On the upside, immediate resistance lies near the $ 45,700 level (the area of recent blackout). The first key resistance is near the $ 45,700 level (the area of ​​recent blackout). The hourly chart of BTC / USD shows a key downtrend with resistance near $45,800.

Source: TradingView.com: BTCUSD

This trendline coincides the 50% fiber regression level of the recent drop from $ 47.203 to $ 44.258. Bitcoin could rise to the $ 47,000 mark if it reaches the resistance levels at $ 45,700 or $ 45,800.

BTC: More losses

Bitcoin could continue its slide if it fails to surpass resistance levels of $ 45,000.700 and $ 45,000.800. Initial bearish support lies near the $ 44 500 level.

The $ 44,200 level is the first major support. The $ 43,800 level is the next major support. If the price does not rise above the $ 43 800 support, it could fall to the $ 40k support level.

Technical indicators

Hourly MACD – The MACD is losing momentum within the bearish zone.

Hourly RSI (Relative Strength Indicator) – The RSI of USD / Bitcoin is now below level 40.

Major Support Levels: $ 44,500 followed by $ 43 800.

Major Resistance Levels: $ 45,700, $ 46,800, and $ 47,000.


Source

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