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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Bitcoin

TA: Bitcoin Breaks Key Support, Why BTC Could Revisit $40K

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read
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Bitcoin price failed to stay above the key $45,000 support zone against the US Dollar. BTC is showing a few bearish signs and it could correct lower to $40k.

  • Bitcoin extended its decline below the $45,500 and $45,000 support levels.
  • The price is now trading below $46,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $45,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could recover losses, but upsides might be limited above $45,500.

Bitcoin Price Dips Further

Bitcoin price started a fresh decline after it failed to clear the $48,000 resistance zone. BTC broke the $46,500 support zone to move into a short-term bearish zone.

It is consolidating above $45,500 for some time, but the bears finally took control. As a result, there was a push below the $45,000 support and the 100 hourly simple moving average. Bitcoin even spiked below $44,500 and traded as low as $44,258.

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It is now consolidating losses above the $44,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $47,203 swing high to $44,258 low.

On the upside, an immediate resistance is near the $45,000 level. The first key resistance is near the $45,700 level (the recent breakdown zone). There is also a key bearish trend line forming with resistance near $45,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

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The trend line coincides with the 50% Fib retracement level of the recent decline from the $47,203 swing high to $44,258 low. If bitcoin clears the $45,700 and $45,800 resistance levels, it could recover towards the $47,000 level in the near term.

More Losses in BTC?

If bitcoin fails to climb above the $45,700 and $45,800 resistance levels, it could extend its decline. An initial support on the downside is near the $44,500 level.

The first major support is now near the $44,200 zone. The next main support is now near the $43,800 level. If the price fails to stay above the $43,800 support, it could move down towards the $40,000 support level.

Technical indicators:

Hourly MACD – The MACD is losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level.

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

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

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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