Bitcoin Price Starts Corrective Decrease, Can Bulls Protect Losses
Bitcoin extended increase above the $44,000 level against the US Dollar. BTC is correcting losses, but it might find support near the $42,000 support zone.
Bitcoin climbed further higher above $44,000 before it faced sellers.The price is trading near $42,750 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $43,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is correcting gains, but dips could be limited below the $42,000 level.
Bitcoin price extended increase above the $43,200 resistance zone. BTC even spiked above the $44,000 level on two occasions before the bears took a stand.
A high was formed near $44,420 and the price is now correcting lower. There was a move below the 23.6% Fib retracement level of the key increase from the $39,660 swing low to $44,420 high. Besides, there was a break below a key bullish trend line with support near $43,250 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading near $42,750 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $43,000 level. The next major resistance is near the $43,200 level. A clear move above the $43,200 level might send the price towards the $44,000 resistance. Any more gains may perhaps call for a test of the $44,400 resistance zone.