Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
newsbtc 2022-04-07 03:08:10

TA: Bitcoin Prints Bearish Pattern, Why BTC Could Drop To $42K

Bitcoin extended decline below the $45,000 support against the US Dollar. BTC remains at a risk of a move towards the $42,000 support zone. Bitcoin gained bearish momentum after it broke the $45,000 support zone. The price is trading below $45,000 and the 100 hourly simple moving average. There are two bearish trend lines forming with resistance near $43,900 and $46,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline towards the $42,000 level in the near term. Bitcoin Price Dives Over 5% Bitcoin price started a major decline from the $47,000 resistance zone. BTC traded below the $46,000 and $45,500 support levels to move into a bearish zone. The price even broke the $45,000 support level and settled below the 100 hourly simple moving average. Finally, it spiked below the $43,000 level and traded as low as $42,904. It is now consolidating losses near the $43,000 level. On the upside, an immediate resistance is near the $43,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $46,845 swing high from the $42,904 low. There are also two bearish trend lines forming with resistance near $43,900 and $46,400 on the hourly chart of the BTC/USD pair. The next resistance could be near $44,250. The main resistance is now forming near $45,000 or the 50% Fib retracement level of the recent decline from the $46,845 swing high from the $42,904 low. Source: BTCUSD on TradingView.com Bitcoin price must clear the $44,800 and $45,000 resistance levels to start a fresh increase. In the stated case, the price may perhaps rise towards the $46,000 resistance zone. More Losses in BTC? If bitcoin fails to clear the $44,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,000 level. The next major support is seen near the $42,800 level. A downside break below the $42,800 support zone could increase selling pressure. In the stated case, the price could drop towards the $42,000 support in the near term. The next major support might be $41,200. 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 well below the 50 level. Major Support Levels – $43,000, followed by $42,000. Major Resistance Levels – $43,800, $44,000 and $45,000.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.