Bitcoin price failed to clear the $45,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more downsides below $42,000.
- Bitcoin failed to continue higher above the $44,500 and $45,000 resistance levels.
- The price is now trading below $43,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $43,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if it stays below the $43,000 pivot level.
Bitcoin Price Fails Again
Bitcoin price started a steady increase above the $43,000 resistance. BTC even climbed above the $44,000 level and the 100 hourly simple moving average, but it failed to extend gains.
There was no upside continuation above $44,500 and $45,000. As a result, the price started a downside correction below the $44,000 and $43,500 levels. The price declined below the 50% Fib retracement level of the upward move from the $40,802 swing low to $44,327 high.It is now trading below $43,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $43,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now consolidating near the $42,200 level. The bulls are protecting the 61.8% Fib retracement level of the upward move from the $40,802 swing low to $44,327 high. On the upside, an immediate resistance is near the $42,800 level.
Source:The first major resistance is near the $43,000 level and the 100 hourly simple moving average. A close above the $43,000 level could start a fresh increase. Having said that, a clear break above $45,000 is must to spark a key reversal in the near term.