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Guide & Analysis

See why BTC can find bids close to $ 42,000

Bitcoin’s price extended its decline below the $ 45,000 support zone against the U.S. dollar. See why BTC can find bids close to $ 42,000

Bitcoin failed to stabilize above the $ 50,000 level and started a new decline. The BTC broke many important supports close to $ 48,000 and $ 47,000 to move further into a downtown area .

The price was negotiated below the $ 45,000 support level and settled well below the simple 100-hour moving average. Recently, there was a small bullish correction in the $ 43,800 zone. The price rose above the $ 45,000 level, but failed to extend the gains.

A rise was formed near $ 46,645 before the price started to fall further. There was a break below the $ 45,000 support zone. There is also a bearish trend line forming with resistance near $ 45,000 on the 1-hour chart of the BTC / USD pair.

The pair further broke the recent $ 43,869 minimum fluctuation and is extending losses. Initial support is close to the $ 43,200 level. It is close to the 1.236 Fib extension level of the upward movement from the $ 43.869 low to the $ 46.645 high.

The main support is close to the $ 42,000 zone. It is close to the 1.618 Fib extension level of the upward movement from the $ 43.869 low to the $ 46.645 high. Any other losses may require a $ 40,000 support zone test.

Slight increase in BTC?

If bitcoin remains above the $ 42,000 support zone, there are chances for a decent increase. Initial positive resistance is close to the $ 45,000 level and the trend line.

The main resistance is close to the $ 46,500 zone. A close above the $ 46,500 level is required to initiate a steady increase in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now picking up pace in the bearish zone.

RSI (Relative Strength Index) per hour – The RSI for BTC / USD is moving downward towards level 20.

Key levels of support – $ 42,000, followed by $ 40,000.

Main resistance levels – $ 45,000, $ 46,500 and $ 48,000.

Source: NewsBtc

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