Bitcoin value had to face a correction after reaching $42,600. Right now, it remains under $40,000 and there is chance of reaching all the way down to $38,500. Here is a summary of Bitcoin value in the past 24 hours.
- During the correction, BTC broke the $42,200 and the $40,000 support levels.
- Currently, Bitcoin value is under $40,000 and the 1-hour price candles are under the SMA100.
- As for the 1-hour chart, we have a newly downward trend with a support level at $40,500.
- It would be possible that During the correction, the price could fall down to $38,000.
During the bull run, the price surpassed $42,000 and even reaching $42,500. At that point, for the hourly chart, the candles were above the SMA100.
However, the price lost its momentum above $42,600. The upward trend stopped as it touched $42,629 and went for a correction. During the correction, the $41,200 and $40,000 support levels were broken. And with that, even the SMA100 was brought down.
The lowest point of Bitcoin value has been $39,281 and the price correction is slowing down. In case a new bullish trend starts, the first resistance level will be the famous $40,000. It is located near the 23% Fibonacci retracement level (from the latest fall from $42,629 to 39,281)
Primarily, the first crucial resistance level will be around $40,500 zone and the SMA100 proximity. Considering the hourly chart, the newly formed downward trend has the resistance level at $40,500.
The aforementioned trend is located near the 50% Fibonacci retracement level. In a situation where it manages to break $40,500, Bitcoin value might go as high as $41,200. The next resistance level at that point will be $42,000.
On the other hand, failing to surpass the $40,000 and the $40,500, would mean that the downward trend will likely continue. For that scenario, the crucial support level will be at $39,200. $37,000 zone will support the price next.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a slow downward movement.
RSI: the 1-hour relative strength index is currently under 30.
Resistance levels: Respectively, the $40,000, $40,500 and the $42,000 are the resitance levels to beat.
Support levels: the $38,500 and $37,000 are the two important support levels to consider.
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