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.
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/USDT pair.
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.
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.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is below the 50 level.
Major Support Levels – $41,500, followed by $41,200.
Major Resistance Levels – $42,650, $42,800 and $43,500.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.