TA: Bitcoin Resumes Decline, Why BTC Could Revisit $40K

Apr 10, 2022

Praise Pals NFT Community

JOIN PRAISE PALS

The internet and Web3 are full of negativity.

Join a community built on inclusivity and joy.

Genesis Pals are sold out, but you can still win one free!

TA: Bitcoin Resumes Decline, Why BTC Could Revisit $40K

Originally posted here.
By: Aayush Jindal

Overview

Bitcoin started a fresh decline from the $43,400 zone against the US Dollar. BTC remains at a risk of more downsides below the $41,500 level. Bitcoin started a fresh decline after it failed to surpass $43,400. The price is now trading below $42,200 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong decline if there is a clear move below the $41,500 level. Bitcoin Price Turns Red Bitcoin price attempted an upside correction above the $42,500 level. BTC climbed above the $43,000 level, but it faced a strong selling interest near $43,400. The price also struggled to stay above the $43,000 level and the 100 hourly simple moving average. As a result, there was a fresh decline below the $42,500 support zone. The price gained bearish momentum and traded below $42,000. It is now trading below $42,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair. A low is formed near $41,805 and the price is now consolidating losses. An immediate resistance on the upside is near the $42,185 level. It is close to the 23.6% Fib retracement level of the recent decline from the $43,416 swing high from the $41,805 low. The next resistance could be near $42,600. It is near a pivot zone and the 50% Fib retracement level of the recent decline from the $43,416 swing high from the $41,805 low. The main resistance is now forming near $43,000 and the 100 hourly SMA. Source: BTCUSD on TradingView.com Bitcoin price must clear the $42,600 and $43,000 resistance levels to start a decent increase. In the stated case, the price may perhaps rise towards the $43,600 resistance zone. More Losses in BTC? If bitcoin fails to clear the $43,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $41,800 level. The next major support is seen near the $41,500 level. A downside break below the $41,500 support zone could accelerate losses. In the stated case, the price could drop towards the $40,500 support in the near term. The next major support might be $40,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $41,500, followed by $40,500. Major Resistance Levels – $42,600, $43,000 and $43,600.

The Post

Bitcoin started a fresh decline from the $43,400 zone against the US Dollar. BTC remains at a risk of more downsides below the $41,500 level.

Bitcoin started a fresh decline after it failed to surpass $43,400.

The price is now trading below $42,200 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a strong decline if there is a clear move below the $41,500 level.

Bitcoin Price Turns Red

Bitcoin price attempted an upside correction above the $42,500 level. BTC climbed above the $43,000 level, but it faced a strong selling interest near $43,400.

The price also struggled to stay above the $43,000 level and the 100 hourly simple moving average. As a result, there was a fresh decline below the $42,500 support zone. The price gained bearish momentum and traded below $42,000.

It is now trading below $42,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair.

A low is formed near $41,805 and the price is now consolidating losses. An immediate resistance on the upside is near the $42,185 level. It is close to the 23.6% Fib retracement level of the recent decline from the $43,416 swing high from the $41,805 low.

The next resistance could be near $42,600. It is near a pivot zone and the 50% Fib retracement level of the recent decline from the $43,416 swing high from the $41,805 low. The main resistance is now forming near $43,000 and the 100 hourly SMA.

Source: BTCUSD on TradingView.com

Bitcoin price must clear the $42,600 and $43,000 resistance levels to start a decent increase. In the stated case, the price may perhaps rise towards the $43,600 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $43,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $41,800 level.

The next major support is seen near the $41,500 level. A downside break below the $41,500 support zone could accelerate losses. In the stated case, the price could drop towards the $40,500 support in the near term. The next major support might be $40,000.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $41,500, followed by $40,500.

Major Resistance Levels – $42,600, $43,000 and $43,600.

SHARE THIS POST

Add your voice!Join the conversation on Discord...