Bitcoin remains to be struggling beneath $41,500 in opposition to the US Greenback. BTC stays susceptible to additional draw back beneath the $39,000 help zone.

• Bitcoin is displaying bearish indicators beneath $40,500 and $41,500.
• The worth is now buying and selling beneath $40,500 and the 100 hourly easy transferring common.
• There’s a key bearish development line forming with resistance close to $40,180 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair may prolong the decline if there’s a clear transfer beneath the $39,000 help zone.

Bitcoin worth continues its decline

Bitcoin worth remained beneath the important thing $41,500 resistance zone. BTC seems to be buying and selling in a variety above the $39,000 stage and beneath the $41,500 resistance zone.

The final swing low was shaped at $39,600 earlier than the worth began an upward correction. There was a transfer above the $40,000 resistance zone. The worth scaled above the 23.6% Fib retracement stage of the draw back transfer from the $41,548 excessive to the $39,600 low.

Nevertheless, the worth was going through a robust resistance close to $40,500 and the 100 hourly easy transferring common. Bitcoin additionally struggled close to the 50% Fib retracement stage of the transfer down from the $41,548 excessive to the $39,600 low.

There’s additionally a key bearish development line forming with resistance close to $40,180 on the hourly chart of the BTC/USD pair. Rapid resistance on the upside is close to $40,200.

Supply: BTCUSD on TradingView.com

The following key resistance might be $40,380 and the 100 hourly SMA. To start out a restoration wave, the worth must clear the $40,380 zone and the 100 hourly SMA. Within the talked about case, the worth would possibly maybe surge in the direction of the $40,850 resistance zone. Additional positive factors may set the tempo for a short-term transfer in the direction of the principle hurdle of $41,500.

Extra losses on BTC?

If bitcoin fails to clear the $40,180 resistance zone, it may see one other decline. Rapid help on the draw back is close to $39,600.

The following main help is seen close to $39,180. A draw back break beneath the $39,180 help zone may speed up losses. Within the talked about case, the worth may drop to the $38,800 stage and even $38,500.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Key help ranges – $39,600 adopted by $39,180.

Main resistance ranges – $40,180, $40,400 and $41,500.