Bitcoin Hits New Monthly Low, Where Could It Go?
Bitcoin crashed below $40,000 yesterday and set a new monthly low at $39609. BTC is now recovering and trading below $43,000. From the hourly chart below, it is far below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $43,000 on the hourly chart. The price could start a decent increase if it settles above $43,000.
BTC's price failed to break the $44,000 resistance levels. As a result, there was a fresh decline below the $42,000 support zone. But now it is trying to break $42,000 and make an uptrend. To start recovery, the price must clear the $42,500 resistance first and then the $43,000 level, otherwise, Bitcoin may keep a downtrend and hover around the range of $42,000-$40,000. According to the recent price performance, it could take a few days for Bitcoin to recover and regain the $50,000 line.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is hovering around the 50-level.
Major Support Levels – $41,000, followed by $40,000.
Major Resistance Levels – $42,500, $43,000 and $45,000.
BTC's price failed to break the $44,000 resistance levels. As a result, there was a fresh decline below the $42,000 support zone. But now it is trying to break $42,000 and make an uptrend. To start recovery, the price must clear the $42,500 resistance first and then the $43,000 level, otherwise, Bitcoin may keep a downtrend and hover around the range of $42,000-$40,000. According to the recent price performance, it could take a few days for Bitcoin to recover and regain the $50,000 line.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is hovering around the 50-level.
Major Support Levels – $41,000, followed by $40,000.
Major Resistance Levels – $42,500, $43,000 and $45,000.
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