NewsBTC 2022-01-07 03:08:01

TA: Bitcoin Consolidates Below $45K: What Could Trigger Another Decline

Bitcoin extended decline below the $44,000 level against the US Dollar. BTC remains at a risk of more downsides unless there is a break above $45,000. Bitcoin started a major decline below the key $45,500 support zone. The price is trading below $44,000 and the 100 hourly simple moving average. There is a key bearish continuation pattern forming with resistance near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might face resistance if there is a move above the $44,000 level. Bitcoin Price Remains At Risk Bitcoin price started a major decline below the $46,500 and $45,000 support levels. BTC remained in a bearish zone and there was a move below the $44,000 level. The price settled below the $43,500 level and the 100 hourly simple moving average. There was a clear move below the $43,000 level and the price traded as low as $42,424. It is now consolidating losses above the $42,500 level. An immediate resistance is near the $43,500 level. It is near the 23.6% Fib retracement level of the recent drop from the $47,065 swing high to $42,424 low. There is also a key bearish continuation pattern forming with resistance near $43,500 on the hourly chart of the BTC/USD pair. The first major resistance on the upside is near the $44,500 level. The next major resistance is near the $44,750 level. It is near the 50% Fib retracement level of the recent drop from the $47,065 swing high to $42,424 low. Source...

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