Bitcoin Plunges Below Key Support, Turn Sell On Rallies

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin price failed to clear the $47,500 resistance zone and started a major decline. BTC declined heavily below the $46,000 and $45,000 levels. The bears even pushed the price below the $43,000 level. A low is formed near $42,505 and the price is now consolidating losses. After unsuccessful pullback, BTC now falls to a low near $42500 again.

Bitcoin is trading below $43,000 and the 100 hourly simple moving average . An initial resistance is near the $43,200 level. The first major resistance on the upside is near the $44,000 level, Following $44,800.

Besides, there is a crucial bearish trend line forming with resistance near $46,800 on the hourly chart of the BTC /USDT pair. A clear move above the $44,800 resistance zone could send the price towards the trend line . The next major resistance is near the $45,600 pivot zone. A close above $45,600 is needed for a fresh increase in the near term.

If bitcoin fails to recover above $44,800, it could continue to move down. An immediate support is near the $42,500 zone. The first major support is near $42,500. A downside break below the $42,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $41,000 level in the coming sessions. The next major support is near the $40,000 level.

Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI ( Relative Strength Index ) – The RSI is well below the 50 level.
Major Support Levels – $42,500, followed by $41,000.
Major Resistance Levels – $43,200, $44,000 and $44,800.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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