Bitcoin price struggled to clear the $43,750 resistance. BTC is now declining and there could be more losses if there is a move below the $41,800 level.
- Bitcoin price is slowly moving lower from the $43,750 resistance zone.
- The price is trading below $42,800 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if there is a close below the $41,800 level.
Bitcoin Price Starts Another Decline
Bitcoin price attempted more gains above the $42,500 resistance zone. BTC cleared the $43,500 resistance zone, but the bears were active near the $43,800 zone.
The bulls made more than two attempts to clear $43,800 but failed. A high was formed near $43,742 and the price started a fresh decline. There was a move below the $43,000 level. Besides, there was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC/USD pair.Bitcoin is now trading below $42,800 and the 100 hourly Simple moving average. A low was formed near $41,888 and the price is now consolidating losses. Immediate resistance is near the $42,350 level. It is near the 23.6% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low.
The next key resistance could be $42,800 or the 50% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low, above which the price could start a decent increase. The next stop for the bulls may perhaps be $43,200.
