Bitcoin is still struggling below $41,500 against the US Dollar. BTC remains at a risk of more downsides below the $39,000 support zone.
- Bitcoin is showing bearish signs below the $40,500 and $41,500.
- The price is now trading below $40,500 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $40,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend decline if there is a clear move below the $39,000 support zone.
Bitcoin Price Resumes Decline
Bitcoin price remained below the key $41,500 resistance zone. BTC seems to be trading in a range above the $39,000 level and below the $41,500 resistance zone.
The last swing low was formed near $39,600 before the price started an upside correction. There was a move above the $40,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $41,548 swing high to $39,600 low.
However, the price faced a strong resistance near the $40,500 level and the 100 hourly simple moving average. Bitcoin also struggled near the 50% Fib retracement level of the downward move from the $41,548 swing high to $39,600 low.
There is also a key bearish trend line forming with resistance near $40,180 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $40,200 level.
Source: BTCUSD on TradingView.com
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