Bitcoin price attempted a fresh upside break above the $43,500 resistance. BTC failed and corrected lower to test the $41,800 support zone.
- Bitcoin is correcting gains from the $43,500 resistance zone.
- The price is trading above $42,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if there is a move below the $41,650 support.
Bitcoin Price Drops Again
Bitcoin price gained pace above the $42,000 resistance zone. BTC even climbed above the $43,000 level, but it faced a strong rejection near $43,500. It seems like the price failed again to clear the $43,500 zone.
A high was formed near $43,464 and the price started a fresh decline. There was a move below the $42,800 and $42,500 support levels. The price even spiked below the 50% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high.Bitcoin found support near the $41,800 level. It is now trading above $42,000 and the 100 hourly Simple moving average. The price is also stable above the 61.8% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high.
On the upside, immediate resistance is near the $42,600 level. There is also a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC/USD pair.
