Bitcoin started in a massive decline well above $ 50,000 and even traded close to $ 45,000. The price is currently trading below $ 45,000 and the 100 simple moving average. There is a rapid bearish trend line in the $ 45,000 attempt on the BTC / USD pair bracket chart (looking at Kraken).
It formed a high around $ 46,645 before the price started a new decline. There was a break below the $ 45,000 support zone. There is also a key bearish trend line with resistance near $ 45,000 on the hourly chart of the BTC / USD pair.
The main support is in the $ 42,000 zone. This is near the 1.618 Fib extension level of the upward move from $ 43,869 to $ 46,645. Further losses could require testing of the $ 40,000 support zone.
Will Bitcoin (BTC) Soar?
If Bitcoin stays above the $ 42,000 support zone, there is a reasonable chance of an 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.
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