{"id":135966,"date":"2021-08-18T03:59:04","date_gmt":"2021-08-18T03:59:04","guid":{"rendered":"https:\/\/precoinnews.com\/?p=135966"},"modified":"2021-08-18T03:59:04","modified_gmt":"2021-08-18T03:59:04","slug":"ta-bitcoin-breaks-key-support-why-btc-could-revisit-40k","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-breaks-key-support-why-btc-could-revisit-40k\/","title":{"rendered":"TA: Bitcoin Breaks Key Support, Why BTC Could Revisit $40K"},"content":{"rendered":"<p><em>Bitcoin price failed to stay above the key $45,000 support zone against the US Dollar. BTC is showing a few bearish signs and it could correct lower to $40k.<\/em><\/p>\n<ul>\n<li>Bitcoin extended its decline below the $45,500 and $45,000 support levels.<\/li>\n<li>The price is now trading below $46,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $45,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could recover losses, but upsides might be limited above $45,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dips Further<\/h2>\n<p>Bitcoin price started a fresh decline after it failed to clear the $48,000 resistance zone. BTC broke the $46,500 support zone to move into a short-term bearish zone.<\/p>\n<p>It is consolidating above $45,500 for some time, but the bears finally took control. As a result, there was a push below the $45,000 support and the 100 hourly simple moving average. Bitcoin even spiked below $44,500 and traded as low as $44,258.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\"><\/p>\n<p>It is now consolidating losses above the $44,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $47,203 swing high to $44,258 low.<\/p>\n<p>On the upside, an immediate resistance is near the $45,000 level. The first key resistance is near the $45,700 level (the recent breakdown zone). There is also a key bearish trend line forming with resistance near $45,800 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/08\/Bitcoin-12.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>The trend line coincides with the 50% Fib retracement level of the recent decline from the $47,203 swing high to $44,258 low. If bitcoin clears the $45,700 and $45,800 resistance levels, it could recover towards the $47,000 level in the near term.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to climb above the $45,700 and $45,800 resistance levels, it could extend its decline. An initial support on the downside is near the $44,500 level.<\/p>\n<p>The first major support is now near the $44,200 zone. The next main support is now near the $43,800 level. If the price fails to stay above the $43,800 support, it could move down towards the $40,000 support level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $44,500, followed by $43,800.<\/p>\n<p>Major Resistance Levels \u2013 $45,700, $45,800 and $47,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-could-revisit-40k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to stay above the<\/p>\n","protected":false},"author":3,"featured_media":135965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TA: Bitcoin Breaks Key Support, Why BTC Could Revisit $40K - 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