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Bitcoin failed to extend its gains above the $44,300 resistance level on Christmas Day. BTC is now moving lower and may find buying interest near the $42,400 support zone.
Bitcoin initiated a downward correction from the $44,300 resistance zone, falling below $43,000 before recovering slightly to its current price of $43,141.
BTC Price Chart | Source: Coinstats
A key declining channel is forming on the hourly chart of the BTC/USD pair (data feed from Kraken), with support near $42,850.
The pair could initiate a new upward move from the $42,400 support zone.
Bitcoin Price Tops Again
Bitcoin attempted a fresh increase above the $43,500 resistance zone. BTC climbed above the $44,000 level, but sellers became active near the $44,300 zone.
A peak was formed near $44,300, and the price began a fresh decline. The price dropped below the $44,000 and $43,500 levels.
The price moved below the 23.6% Fibonacci retracement level of the upward move from the $40,515 swing low to the $44,300 high.
Bitcoin is now trading below $43,500 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with support near $42,850 on the hourly chart of the BTC/USD pair.
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The pair is currently testing the channel support. Below this level, it might accelerate lower toward $42,400 or the 50% Fibonacci retracement level of the upward move from the $40,515 swing low to the $44,300 high. If bulls defend the channel support, a fresh increase may occur.
On the upside, immediate resistance is near the $43,500 level. The first major resistance is forming near $44,000 and $44,300.
A close above the $44,300 resistance could trigger a strong rally, with the price potentially clearing the $45,000 resistance.
The next key resistance could be near $46,500, above which BTC could rise toward the $47,200 level. Further gains might send the price toward $48,000.
More Losses In BTC?
If Bitcoin fails to rise above the $43,500 resistance zone, it could continue to move down. Immediate downside support is near the $42,800 level.
The next major support is near $42,400. A move below $42,400 carries the risk of further losses. In that scenario, the price could drop toward the $41,200 support level in the near term.
Technical Indicators:
- Hourly MACD – The MACD is gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
- Major Support Levels – $42,400, followed by $41,200.
- Major Resistance Levels – $43,500, $44,300, and $45,000.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
The post Bitcoin Dips On Christmas Day But This Is Not The Christmas Gift We Want appeared first on BitcoinWorld.
