Bitcoin Price Analysis: BTC At Risk of Extended Downside Correction
The post Bitcoin Price Analysis: BTC At Risk of Extended Downside Correction appeared on BitcoinEthereumNews.com.
Bitcoin price started a downside correction from the $44,400 zone against the US Dollar. The price is now trading below $43,200 and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $43,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could start a fresh increase if it stays above the $40,500 support zone. Bitcoin price is correcting lower below $43,200 against the US Dollar. BTC might eye another increase if the bulls remain active above the $40,500 zone. Bitcoin Price Analysis Bitcoin price extended its increase above the $42,000 level and rallied toward the $45,000 resistance zone. A high was formed near $44,424 before the price started a downside correction. There was a clear move below the $43,500 and $43,200 levels. The bears were able to push the price toward the 50% Fib retracement level of the upward move from the $40,508 swing low to the $44,424 high. The price even spiked below $42,000. Bitcoin is now trading below $43,200 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $43,000 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $42,850 level. The next major resistance might be near the $43,000 zone and the 55 simple moving average (4 hours). A clear move above the $43,000 level might send the price toward $44,400, above which the price might rise toward the $45,000 level. Any more gains might push the price toward the $46,500 zone. If there is no upside break, the price might continue to decline below the $41,500 level or the 76.4% Fib retracement level of the upward move from the $40,508 swing low to the $44,424…
Filed under: News - @ December 27, 2023 3:10 am