TA: Bitcoin Sets New Monthly Low, What Could Trigger A Comeback
22 Settembre 2021 - 05:08AM
NEWSBTC
Bitcoin price extended its decline below the $40,000 level against
the US Dollar. BTC is now recovering and it could climb higher if
it clears the $42,500 resistance. Bitcoin settled below the $44,000
and $43,000 support levels. The price is still trading below
$43,000 and the 100 hourly simple moving average. There is a key
bearish trend line forming with resistance near $42,500 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could start a decent increase if it settles above $42,500 and
$43,000. Bitcoin Price Attempts Fresh Recovery Bitcoin price failed
to recover above the $43,500 and $43,650 resistance levels. As a
result, there was a fresh decline in BTC below the $42,000 support
zone. The price extended its decline below the $40,200 and $40,000
support levels. A was formed near $39,579 before the price started
an upside correction. It is back above the $40,000 and $41,000
levels. However, the price is still trading below $43,000 and the
100 hourly simple moving average. Bitcoin surpassed the 50% Fib
retracement level of the recent decline from the $43,624 swing high
to $39,579 low. It is now consolidating below the $42,500
resistance. There is also a key bearish trend line forming with
resistance near $42,500 on the hourly chart of the BTC/USD pair.
The trend line is close to the 76.4% Fib retracement level of the
recent decline from the $43,624 swing high to $39,579 low. Source:
BTCUSD on TradingView.com To start a strong recovery, the price
must clear the $42,500 resistance. The next major resistance is
near the $43,000 zone, above which the price could rise towards the
$45,000 resistance. More Losses In BTC? If bitcoin fails to clear
the $43,000 resistance zone, it could start a fresh decline. An
immediate support on the downside is near the $41,600 level. The
next major support is near the $41,000 zone. A downside break below
the $41,000 zone could trigger a fresh decline towards the $40,000
level or even $39,500. Any more losses may possibly lead the price
towards the $38,500 level in the near term. 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 just
below the 50 level. Major Support Levels – $41,000, followed by
$40,000. Major Resistance Levels – $42,500, $43,000 and $45,000.
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