Bitcoin fell sharply after losing $ 46,000 resistance. The decline continued until an attack was even staged in support of $ 40,000; Following the upward price correction has begun.
BTC failed to maintain its position above the $ 46,000 support; It also lost $ 45,000 in support as it plummeted.
The $ 44,000 and $ 43,000 support levels collapsed one after the other; So much so that with the loss of $ 42,000 support, the fall intensified and the price completely moved away from the 100-hour moving average. Eventually, with a $ 40,000 support attack, it settled to the $ 40,200 floor and returned.
Now BTC has returned to higher levels with an upward correction and has regained the level of $ 41,500. So far, the 50% Fibonacci retracement level of the recent fall from $ 44,250 to $ 40,200 has been reached.
The nearest resistance level upstream is considered to be around $ 43,000. We expect significant resistance immediately after at $ 43,100. The BTC/USD pair's hourly chart also shows a bearish trend line with resistance around this range.
The trend line support is seen in the overlap with the 76.4% Fibonacci level. To start a new uptrend, you must first cross the $ 43,100 resistance level. The next significant resistance is in the $ 44,000 range; Climbing to the top will revive the hope of meeting the $ 45,000 level again.
If Bitcoin fails to break the $ 43,100 resistance, there is a possibility that the decline will continue. In this case, the nearest downstream support level will be around $ 42,200.
Below that there is strong support around $ 41,500; The collapse is likely to be the beginning of a downturn that will push Bitcoin (BTC) down to $ 40,000 core support.
BTC failed to maintain its position above the $ 46,000 support; It also lost $ 45,000 in support as it plummeted.
The $ 44,000 and $ 43,000 support levels collapsed one after the other; So much so that with the loss of $ 42,000 support, the fall intensified and the price completely moved away from the 100-hour moving average. Eventually, with a $ 40,000 support attack, it settled to the $ 40,200 floor and returned.
Now BTC has returned to higher levels with an upward correction and has regained the level of $ 41,500. So far, the 50% Fibonacci retracement level of the recent fall from $ 44,250 to $ 40,200 has been reached.
The nearest resistance level upstream is considered to be around $ 43,000. We expect significant resistance immediately after at $ 43,100. The BTC/USD pair's hourly chart also shows a bearish trend line with resistance around this range.
The trend line support is seen in the overlap with the 76.4% Fibonacci level. To start a new uptrend, you must first cross the $ 43,100 resistance level. The next significant resistance is in the $ 44,000 range; Climbing to the top will revive the hope of meeting the $ 45,000 level again.
If Bitcoin fails to break the $ 43,100 resistance, there is a possibility that the decline will continue. In this case, the nearest downstream support level will be around $ 42,200.
Below that there is strong support around $ 41,500; The collapse is likely to be the beginning of a downturn that will push Bitcoin (BTC) down to $ 40,000 core support.
Note
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