TA: Bitcoin Key Indicators Suggest A Strengthening Case For Move Below $40K

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,263,134,193,896	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,263,134,193,896

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	560.23	0.88%	64,452.75	64,451.75	64,451.83

Price Change

Price Change %

Current Price

Bid Price

Offer

560.23

0.88%

64,452.75

64,451.75

64,451.83

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,463.27	62,908.34	64,008.79	63,892.52	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,463.27

62,908.34

64,008.79

63,892.52

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	16:43:56	0.000393	64,453.85	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

16:43:56

0.000393

64,453.85

USD

Price x Volume	Volume	Base Symbol	Related Pairs
244,717,243.63	3,841.82	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

244,717,243.63

3,841.82

TA: Bitcoin Key Indicators Suggest A Strengthening Case For Move Below $40K

18/01/2022 3:08am

NEWSBTC

Bitcoin failed to stay above the $43,000 support against the US Dollar. BTC is trading in a bearish zone and could continue to move down below $41,200. Bitcoin is struggling to climb above the $42,500 and $42,800 resistance levels. The price is trading below $43,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $42,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if there is a clear move above the $43,000 resistance. Bitcoin Price Is Showing Bearish Signs Bitcoin price failed to accelerate higher above the $43,500 resistance zone. As a result, there was a bearish reaction below the $43,000 pivot level. The price traded below the $42,500 and $42,000 support levels. It even traded close to $41,500 and settled below the 100 hourly simple moving average. A low was formed near $41,579 before the price started an upside correction. Bitcoin price was able to recover above the $42,000 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $43,800 swing high to $41,579 low. On the upside, 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. Source: BTCUSD on TradingView.com The trend line is near the 50% retracement level of the recent decline from the $43,800 swing high to $41,579 low. A clear move above the $42,800 level might send the price towards the $43,500 resistance. Any more gains may perhaps call for a test of the $44,000 resistance zone. The next major resistance is near the $45,000 level. More Losses in BTC? If bitcoin fails to start a fresh increase above $42,800, it could continue to move down. An immediate support on the downside is near the $42,000 zone. The first major support is seen near the $41,500 zone. A downside break below the $41,500 support zone could increase the chances of more downsides. The next major support is near $40,000, below which the bears might take control. 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 below the 50 level. Major Support Levels – $41,500, followed by $41,200. Major Resistance Levels – $42,650, $42,800 and $43,500.

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