After failing to rise above the $43,500 resistance zone, the leading cryptocurrency started another decline and formed a bottom near $41,579. It then managed to recover above the $42,000 resistance zone. There was a break above the 23.6% Fib retracement level of the low from the $43,800 low to $41,579 low.
According to Jindal, an initial resistance is near the $42,500 level. The next major resistance is near the $42,650 level. There is also a major bearish trend line forming with resistance near $42,800 on the hourly chart of the BTC/USD pair.
The trend line is near the 50% retracement level of the drop from the $43,800 high to $41,579 low. A clear move above the $42,800 level could lead the price towards the $43,500 resistance. Further gains may perhaps require testing of the $44,000 resistance zone. The next major resistance is near the $45,000 level.
Jindal says that if Bitcoin fails to start a fresh increase above $42,800, it may continue to decline. An immediate support on the downside is near the $42,000 zone. The first major support is seen near the $41,500 region. A downside break below the $41,500 support zone could increase the possibility of more declines. The next major support is around $40,000, below which the bears could take control.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
- Major Support Levels – $41,500 followed by $41,200
- Major Resistance Levels – $42,650, $42,800 and $43,500
Bitcoin price is $41,399.73 today and a 24-hour trading volume is $18,393,916,197. The price has decreased -3.4% in the last 24 hours. There is a circulating supply of 19 Million BTC coins, with a total supply of 21 Million coins. FTX.US is currently the most active market where this is traded.