- Bitcoin price started a fresh decline from the $45,000 zone against the US Dollar.
- The price is now trading below $44,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $43,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a strong upward move if there was a break above the $44,000 resistance.
Bitcoin price is trading below $45,000 against the US Dollar. BTC might continue to decline as long as it is below the $44,000 resistance level.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $45,000 resistance. BTC traded below the $44,000 and $42,000 support levels to move again into a bearish zone.
There was also a move below the $40,000 level. However, the bulls remained active near the $39,650 zone. A low is formed near $39,650 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $47,990 swing high to $39,650 low.
It is trading below $44,000 and the 55 simple moving average (4-hours). On the upside, an initial resistance is near the $43,800 level. There is also a major bearish trend line forming with resistance near $43,800 on the 4-hours chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $47,990 swing high to $39,650 low. A clear upside break above the trend line might push the price towards $44,800.
The next major resistance on the upside is near the $45,500 level. An immediate support on the downside is near the $42,000 level.
The next key support is near the $41,500 level. If the price fails to stay above $41,500, it could extend losses in the near term. The next major support sits near $40,500, below which there is a risk of a move towards the $38,800 level.
Looking at the chart, bitcoin price is clearly trading below $44,000 and the 55 simple moving average (4-hours). Overall, the price could start a strong upward move if there was a break above the $44,000 resistance.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $42,000 and $41,500.
Key Resistance Levels – $43,800, $44,000 and $44,800.