{"id":480691,"date":"2022-01-10T03:08:05","date_gmt":"2022-01-10T03:08:05","guid":{"rendered":"https:\/\/wncen.com\/?p=480691"},"modified":"2024-06-11T07:49:41","modified_gmt":"2024-06-11T07:49:41","slug":"bitcoin-case-for-more-downsides","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-case-for-more-downsides\/","title":{"rendered":"TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides"},"content":{"rendered":"<p><em>Bitcoin extended decline below the $42,000 level against the US Dollar. BTC remains at a risk of more downsides if it stays below the $43,000 pivot zone.<\/em><\/p>\n<ul>\n<li>Bitcoin extended decline and traded below the key $42,000 support zone.<\/li>\n<li>The price is trading below $43,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a key rising channel forming with support near $41,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might continue to move down if there is no recovery wave above $43,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Extends Decline<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-consolidates-below-45k\/\" target=\"_blank\" rel=\"noopener \">major decline<\/a> below the $45,000 and $43,500 support levels. BTC even declined below the $42,000 support zone to move further into a bearish zone.<\/p>\n<p>The price settled below the $43,000 level and the 100 hourly simple moving average. The bears attempted a push towards $40,000. A low was formed near $40,555 before there was a recovery wave. The price recovered above the $42,000 level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-plunges-below-45k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>However, the bears remained active near the $42,800 zone. A high is formed near $42,786 and the price is now declining. There was a move below the 23.6% Fib retracement level of the recent wave from the $40,555 swing low to $42,786 high.<\/p>\n<p>It is now trading near the $41,750 support. The 50% Fib retracement level of the recent wave from the $40,555 swing low to $42,786 high is also near $41,650.<\/p>\n<p>Besides, there is a key rising channel forming with support near $41,650 on the hourly chart of the BTC\/USD pair. On the upside, the first major resistance is near the $42,250 level and the 100 hourly SMA. The next major resistance is near the $43,000 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-480693\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-5.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>A clear move above the $43,000 resistance zone could start a decent recovery wave. The next major resistance is near the $44,500 level.<\/p>\n<h2>More Downsides in BTC?<\/h2>\n<p>If bitcoin fails to recover above $43,000, it could continue to move down. An immediate support is near the $41,800 zone. The first major support is near $41,650 and the channel trend line.<\/p>\n<p>A downside break below the trend line support could spark a move below $41,000. In the stated case, the price may possibly decline towards the $40,000 level in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $41,650, followed by $40,000.<\/p>\n<p>Major Resistance Levels \u2013 $42,750, $43,000 and $44,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin extended decline below the $42,000 level against the US Dollar. BTC remains at a risk of more downsides if it stays below the $43,000 pivot zone. Bitcoin extended decline and traded below the key $42,000 support zone. The price is trading below $43,000 and the 100 hourly simple moving average. There is a key rising channel forming with support near $41,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might continue to move down if there is no recovery wave above $43,000. Bitcoin Price Extends Decline Bitcoin price started a major decline below the $45,000 and $43,500 support levels. BTC even declined below the $42,000 support zone to move further into a bearish zone. The price settled below the $43,000 level and the 100 hourly simple moving average. The bears attempted a push towards $40,000. A low was formed near $40,555 before there was a recovery wave. The price recovered above the $42,000 level and the 100 hourly simple moving average. However, the bears remained active near the $42,800 zone. A high is formed near $42,786 and the price is now declining. There was a move below the 23.6% Fib retracement level of the recent wave from the $40,555 swing low to $42,786 high. It is now trading near the $41,750 support. The 50% Fib retracement level of the recent wave from the $40,555 swing low to $42,786 high is also near $41,650. Besides, there is a key rising channel forming with support near $41,650 on the hourly chart of the BTC\/USD pair. On the upside, the first major resistance is near the $42,250 level and the 100 hourly SMA. The next major resistance is near the $43,000 level. Source: BTCUSD on TradingView.com A clear move above the $43,000 resistance zone could start a decent recovery wave. The next major resistance is near the $44,500 level. More Downsides in BTC? If bitcoin fails to recover above $43,000, it could continue to move down. An immediate support is near the $41,800 zone. The first major support is near $41,650 and the channel trend line. A downside break below the trend line support could spark a move below $41,000. In the stated case, the price may possibly decline towards the $40,000 level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level. Major Support Levels \u2013 $41,650, followed by $40,000. Major Resistance Levels \u2013 $42,750, $43,000 and $44,500.<\/p>\n","protected":false},"author":67,"featured_media":477080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-480691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides<\/title>\n<meta name=\"description\" content=\"Bitcoin extended decline below the $42,000 level against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides","url":"http:\/\/wncen.com\/news\/bitcoin-case-for-more-downsides\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-case-for-more-downsides\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Depositphotos_39681551_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Depositphotos_39681551_s-2019.jpg?fit=999%2C693"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2022-01-10T03:08:05Z","datePublished":"2022-01-10T03:08:05Z","dateModified":"2024-06-11T07:49:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-case-for-more-downsides\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-case-for-more-downsides\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/Depositphotos_39681551_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/Depositphotos_39681551_s-2019.jpg?fit=999%2C693\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2022-01-10T03:08:05Z\",\"datePublished\":\"2022-01-10T03:08:05Z\",\"dateModified\":\"2024-06-11T07:49:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Depositphotos_39681551_s-2019.jpg?fit=999%2C693","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/480691"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=480691"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/480691\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/477080"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=480691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=480691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=480691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}