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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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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.

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

Source: BTCUSD on TradingView.com

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.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
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