TA: Bitcoin Stuck In Range, What Could Spark Key Reversal
September 27 2021 - 11:08PM
NEWSBTC
Bitcoin price failed to clear the $45,000 resistance against the US
Dollar. BTC is declining and it remains at a risk of more downsides
below $42,000. Bitcoin failed to continue higher above the $44,500
and $45,000 resistance levels. The price is now trading below
$43,000 and the 100 hourly simple moving average. There is a key
bearish trend line forming with resistance near $43,000 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could continue to move down if it stays below the $43,000 pivot
level. Bitcoin Price Fails Again Bitcoin price started a steady
increase above the $43,000 resistance. BTC even climbed above the
$44,000 level and the 100 hourly simple moving average, but it
failed to extend gains. There was no upside continuation above
$44,500 and $45,000. As a result, the price started a downside
correction below the $44,000 and $43,500 levels. The price declined
below the 50% Fib retracement level of the upward move from the
$40,802 swing low to $44,327 high. 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 $43,000 on the
hourly chart of the BTC/USD pair. Bitcoin price is now
consolidating near the $42,200 level. The bulls are protecting the
61.8% Fib retracement level of the upward move from the $40,802
swing low to $44,327 high. On the upside, an immediate resistance
is near the $42,800 level. Source: BTCUSD on TradingView.com The
first major resistance is near the $43,000 level and the 100 hourly
simple moving average. A close above the $43,000 level could start
a fresh increase. Having said that, a clear break above $45,000 is
must to spark a key reversal in the near term. More Downsides In
BTC? If bitcoin fails to clear the $43,000 resistance zone, it
could continue to move down. An immediate support on the downside
is near the $42,200 level. The first major support is near the
$42,000 zone. A close below the $42,000 support level might lead
the price towards the $40,800 zone. Any more losses could increase
selling pressure for a move below $40,000. Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
below the 50 level. Major Support Levels – $42,200, followed by
$42,000. Major Resistance Levels – $42,800, $43,000 and $44,500.
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