Bitcoin price extended its decline below the $42,650 zone. BTC is showing a few bearish signs and might extend its decline toward the $40,000 support.
- Bitcoin seems to be following a bearish path below the $43,500 level.
- The price is trading below $43,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down toward the $40,500 and $40,000 support levels.
Bitcoin Price Dips Further
Bitcoin price struggled to start a fresh increase above the $43,500 and $43,650 resistance levels. BTC formed a short-term top and started a fresh decline below the $43,000 level.
There was a clear move below the $42,500 and $42,300 levels. The price even spiked below the $42,000 level. A low was formed near $41,637 and the price is now attempting a fresh increase. There was a move above the $42,000 level.Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. 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 $43,200 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $43,000 level. It is close to the 50% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. The first major resistance is forming near the trend line and $43,200.
