Bitcoin price went as low as $41,200 before a slight recovery. BTC must surpass the $42,800 resistance level to have any meaningful growth. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin lost the $42,000 support level.
- Currently, the price is below $43,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a downtrend forming with resistance level at $$2,780.
- In case BTC surpasses the $42,800 level, then there would be a new uptrend to follow.
Bitcoin Price Action Analysis
BTC remained below the pivot point at $43,000. The price lost the $42,000 and the SMA100 on its way down. The lowest recorded price is at $41,288 before an attempt to recover. Subsequently, BTC regained the $42,000 and the price penetrated the 23.6% Fibonacci retracement level from the latest fall from $43,800 to $41,288.
The first resistance level for BTC is at $$2,500 which is near the 50% Fibonacci retracement level. The next crucial level is at $42,800. For the 1-hour chart, we can see a new downtrend with resistance level at $42,780. A successful break through from the trendline would pave the way to reach $43,000.
The next key resistance level will be $43,500. Further growth would lead BTC closer to $44,000. The next resistance level will be $44,800.
On the other hand, if Bitcoin price fails to surpass $42,800, there would be a new downtrend to follow. In that case, the first key support level is at $42,200 followed by $42,000. In case of dipping below $42,000, there would be a rapid decline all the way down to $41,200. The next support level will be $40,500. Going below this level would make the short-sellers very happy!
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $42,550, $42,800 and $43,500 are the crucial resistance levels for BTC.
Support levels: The $42,000 and $41,200 are currently the crucial support levels for the price.
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