Bitcoin is consolidating its losses above the $43,000 support level against the US Dollar. BTC could correct higher towards the $44,275 or $44,850 resistance.
- Bitcoin managed to stay above the $43,000 support area.
- The price is still well below $45,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate an upward correction if it stabilizes above $43,800.
Bitcoin price is unified
Bitcoin price Extended retreat Below the $45,000 support area. Bitcoin price surged below $43,000, but bulls sheltered more downsides.
The price started to trade in a range above the $43,000 level. However, it is still well below $45,000 and 100-hour simple moving average. It is now trading near a major bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair.
The first major barrier is near the $43,830 level. It is close to the 23.6% Fib retracement level of the major decline from the $46,845 swing high of the $42,905 low.
The next resistance may be near $44,275, where the price may struggle. If there is a move above $44,275, the price may test the $44,875 level. It is close to the 50% Fib retracement level of the major decline from the $46,845 swing high of the $42,905 low.
Source: BTCUSD on TradingView.com
Bitcoin price must cross the $44,875 and $45,000 resistance levels to gain bullish momentum. In the mentioned case, the price may rise towards the $46000 resistance area. Intermediate resistance might be near the $45,500 level.
More losses in bitcoin?
If Bitcoin fails to clear the $44,875 resistance area, it may continue to move lower. There is immediate support on the downside near the $43,000 level.
The next major support appears near the $42,900 level or the recent low. A break-down below the $42,900 support area could accelerate losses. In the mentioned case, the price could decline towards the $42,200 support level in the near term. The next major support might be $42,000.
Hourly MACD – MACD is now gaining pace in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $43,000, followed by $42,000.
Key resistance levels – $43,875, $44,000 and $45,000.