17.7 C
New York
Sunday, September 24, 2023

Buy now

TA: Bitcoin Dives Further, Here’s Why BTC Could Find Bids Near $42K

Bitcoin price extended its decline below the $45,000 support zone against the US Dollar. BTC is declining and it could soon test $42,000 or $40,000 in the near term.

Bitcoin started a major decline from well above $50,000 and it even traded close to $45,000
The price is now trading well below $45,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $45,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to find bids near the $42,000 zone or $40,000 in the coming sessions.

Bitcoin Price Extends Losses
Bitcoin failed to settle above the $50,000 level and started a fresh decline. BTC broke many important supports near $48,000 and $47,000 to move further into a bearish zone.
The price traded below the $45,000 support level and settled well below the 100 hourly simple moving average. Recently, there was a minor upside correction from the $43,800 zone. The price climbed above the $45,000 level, but it failed to extend gains.

Source: BTCUSD on TradingView.com
A high was formed near $46,645 before the price started a fresh decline. There was a break below the $45,000 support zone. There is also a key bearish trend line forming with resistance near $45,000 on the hourly chart of the BTC/USD pair.
The pair even broke the recent swing low at $43,869 and it is extending losses. An initial support is near the $43,200 level. It is near the 1.236 Fib extension level of the upward move from the $43,869 low to $46,645 high.
The main support is near the $42,000 zone. It is close to the 1.618 Fib extension level of the upward move from the $43,869 low to $46,645 high. Any more losses might call for a test of the $40,000 support zone.
Fresh Increase in BTC?
If bitcoin stays above the $42,000 support zone, there are chances of a decent increase. An initial resistance on the upside is near the $45,000 level and the trend line.
The main resistance is near the $46,500 zone. A close above the $46,500 level is needed to start a steady increase in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 20 level.
Major Support Levels – $42,000, followed by $40,000.
Major Resistance Levels – $45,000, $46,500 and $48,000.

Kieran Dickens
Kieran Dickenshttp://btcsonic.xyz
I have been a crypto author for over 2 years now and have written for numerous publications. I have a vast amount of experience in the industry and continue to stay up-to-date on all the latest news and developments. My writing is highly accurate and informative, and I always aim to provide value to my readers.

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,481.10
ethereum
Ethereum (ETH) $ 1,589.54
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 209.44
xrp
XRP (XRP) $ 0.505629
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,588.75
dogecoin
Dogecoin (DOGE) $ 0.061121
cardano
Cardano (ADA) $ 0.244465
solana
Solana (SOL) $ 19.45
the-open-network
Toncoin (TON) $ 2.23
tron
TRON (TRX) $ 0.084031
polkadot
Polkadot (DOT) $ 4.02
matic-network
Polygon (MATIC) $ 0.519909
litecoin
Litecoin (LTC) $ 64.29
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,458.09
bitcoin-cash
Bitcoin Cash (BCH) $ 206.84
chainlink
Chainlink (LINK) $ 7.07
dai
Dai (DAI) $ 0.999597
true-usd
TrueUSD (TUSD) $ 0.999472
leo-token
LEO Token (LEO) $ 3.71
uniswap
Uniswap (UNI) $ 4.25
avalanche-2
Avalanche (AVAX) $ 8.88
stellar
Stellar (XLM) $ 0.112842
monero
Monero (XMR) $ 142.97
okb
OKB (OKB) $ 42.78
binance-usd
Binance USD (BUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 15.15
cosmos
Cosmos Hub (ATOM) $ 7.09
hedera-hashgraph
Hedera (HBAR) $ 0.050202
filecoin
Filecoin (FIL) $ 3.22
crypto-com-chain
Cronos (CRO) $ 0.050580
lido-dao
Lido DAO (LDO) $ 1.48
internet-computer
Internet Computer (ICP) $ 2.94
quant-network
Quant (QNT) $ 89.32
mantle
Mantle (MNT) $ 0.396905
aptos
Aptos (APT) $ 5.30
vechain
VeChain (VET) $ 0.016637
maker
Maker (MKR) $ 1,270.31
arbitrum
Arbitrum (ARB) $ 0.816685
near
NEAR Protocol (NEAR) $ 1.10
optimism
Optimism (OP) $ 1.27
kaspa
Kaspa (KAS) $ 0.048112
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,722.24
aave
Aave (AAVE) $ 62.15
the-graph
The Graph (GRT) $ 0.086680
algorand
Algorand (ALGO) $ 0.101766
whitebit
WhiteBIT Coin (WBT) $ 5.31
usdd
USDD (USDD) $ 0.997971