The next major resistance on the upside is near the $42,000 zone. If there is an upside break above the trend line, bitcoin could rise towards $41,200. The trend line is close to the 50% Fib retracement level of the downward move from the $42,629 swing high to $39,281 low. There is also a key bearish trend line forming with resistance near $40,500 on the hourly chart of the BTC/USD pair. The first major resistance is near the $40,500 level and the 100 hourly simple moving average. It is near the 23.6% Fib retracement level of the downward move from the $42,629 swing high to $39,281 low. An immediate resistance on the upside is near the $40,000 level. It even broke the $40,000 support level and the 100 hourly simple moving average.Ī low is formed near $39,281 and the price is now consolidating. There was a break below the $41,200 and $40,500 support levels. A high was formed near $42,629 before the price started a downside correction. However, the price struggled above the $42,600 level. BTC even climbed above the $42,500 resistance level and settled above the 100 hourly simple moving average. The pair is likely to continue lower towards the $38,500 support zone in the near term.īitcoin price extended its increase above the $42,000 resistance level.

There is a key bearish trend line forming with resistance near $40,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is now trading below $40,000 and the 100 hourly simple moving average.Bitcoin started a downside correction below the $41,200 and $40,000 support levels.BTC is now trading below $40,000 and it might extend losses towards $38,500. Bitcoin price started a downside correction from the $42,600 zone against the US Dollar.

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