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Bitcoin Turns Lower, Why BTC Could Extend Losses Below $42.5K
https://www.kaizenprofits.cc

Bitcoin failed again to clear the $45,500 resistance zone against 
the US Dollar. BTC is declining and remains at a risk of more 
losses below $42,500. Bitcoin attempted another upside break 
above $45,500 but failed. The price is trading below $43,500 and 
the 100 hourly simple moving average. There was a break below a 
key bullish trend line with support near $43,500 on the hourly 
chart of the BTC/USD pair (data feed from Kraken). The pair could 
decline sharply if there is a clear move below the $42,500 
support zone. Bitcoin Price Corrects Gains Bitcoin price 
attempted an upside break above the $45,500 resistance zone. 
However, BTC struggled to gain pace above the $45,500 level. A 
high was formed near $45,900 and the price started a fresh 
decline. The price moved below the $45,000 and $44,500 support 
levels. Besides, there was a break below a key bullish trend line 
with support near $43,500 on the hourly chart of the BTC/USD 
pair. The pair is now trading below $43,500 and the 100 hourly 
simple moving average. Bitcoin is now finding bids near the 
$42,600 level. A low is formed near $42,664 and the price is now 
consolidating losses. An immediate resistance is near the $43,450 
level. It is near the 23.6% Fib retracement level of the recent 
decline from the $45,900 high to $42,664 low. The first major 
resistance is near the $44,000 level and the 100 hourly simple 
moving average. The next key resistance is near the $44,250 
level. It is near the 50% Fib retracement level of the recent 
decline from the $45,900 high to $42,664 low. Source: BTCUSD on 
https://www.kaizenprofits.cc A clear upside break above the 
$44,250 level might open the doors for more upsides. The main 
resistance on the upside is still near the $45,500 level. More 
Losses in BTC? If bitcoin fails to start a fresh increase above 
$44,250, it could continue to move down. An immediate support on 
the downside is near the $42,600 zone. The next major support is 
seen near the $42,500 level. If there is a downside break below 
the $42,500 support, the price could start a major decline 
towards the $41,200 level. Technical indicators: Hourly MACD – 
The MACD is now gaining pace in the bearish zone. Hourly RSI 
(Relative Strength Index) – The RSI for BTC/USD is now below the 
50 level. Major Support Levels – $42,500, followed by $41,200. 
Major Resistance Levels – $44,000, $44,250 and $45,500.

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