TA: Bitcoin Dives To $40K, Why Recovery Could Be Capped
21 Settembre 2021 - 5:08AM
NEWSBTC
Bitcoin price settled below $46,000 and declined heavily against
the US Dollar. BTC even traded close to $40,000 before starting an
upside correction. Bitcoin is down over 10% and it broke the
$45,000 and $43,000 support levels. The price is now trading below
$43,000 and the 100 hourly simple moving average. There is a major
bearish trend line forming with resistance near $43,100 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could resume its decline if it fails to recover above the $43,000
zone. Bitcoin Price Corrects Losses Bitcoin price failed to stay
above the $46,000 support zone. As a result, there was a sharp
decline in BTC below the $45,000 level (as discussed yesterday).
The price broke many support zones near $44,000 and $43,000 to
enter a bearish zone. The decline gained below $42,000 and the
price settled below the 100 hourly simple moving average. It traded
close to $40,000 and a low was formed near $40,200. Bitcoin is now
correcting higher and it broke the $41,500 level. The price was
able to surpass the 50% Fib retracement level of the recent drop
from the $44,250 swing high to $40,200 low. An immediate resistance
on the upside is near the $43,000 level. The first major resistance
sits near the $43,100 level. There is also a major bearish trend
line forming with resistance near $43,100 on the hourly chart of
the BTC/USD pair. Source: BTCUSD on TradingView.com The trend line
is close to the 76.4% Fib retracement level of the recent drop from
the $44,250 swing high to $40,200 low. To start a strong recovery,
the price must clear the $43,100 resistance. The next major
resistance is near the $44,000 zone, above which the price could
revisit the $45,000 resistance. More Losses In BTC? If bitcoin
fails to clear the $43,100 resistance zone, it could resume its
decline. An immediate support on the downside is near the $42,200
level. The next major support is near the $41,500 zone. A downside
break below the $41,500 zone could trigger a fresh decline towards
the $40,500 level or even $40,000. Technical indicators: Hourly
MACD – The MACD is slowly gaining pace in the bullish zone. Hourly
RSI (Relative Strength Index) – The RSI for BTC/USD is still well
below the 50 level. Major Support Levels – $41,500, followed by
$40,500. Major Resistance Levels – $43,000, $43,100 and $44,000.
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