TA: Bitcoin Key Indicators Suggest A Strengthening Case For Move Below $40K

Bitcoin failed to stay above the $43,000 support against the US Dollar. BTC is trading in a bearish zone and could continue to move down below $41,200. Bitcoin is struggling to climb above the $42,500 and $42,800 resistance levels. The price is trading below $43,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $42,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if there is a clear move above the $43,000 resistance. Bitcoin Price Is Showing Bearish Signs Bitcoin price failed to accelerate higher above the $43,500 resistance zone. As a result, there was a bearish reaction below the $43,000 pivot level. The price traded below the $42,500 and $42,000 support levels. It even traded close to $41,500 and settled below the 100 hourly simple moving average. A low was formed near $41,579 before the price started an upside correction. Bitcoin price was able to recover above the $42,000 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $43,800 swing high to $41,579 low. On the upside, an initial resistance is near the $42,500 level. The next major resistance is near the $42,650 level. There is also a major bearish trend line forming with resistance near $42,800 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The trend line is near the 50% r...