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NewsBTC 2021-09-28 03:08:22

TA: Bitcoin Stuck In Range, What Could Spark Key Reversal

Bitcoin price failed to clear the $45,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more downsides below $42,000. Bitcoin failed to continue higher above the $44,500 and $45,000 resistance levels. The price is now trading below $43,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $43,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it stays below the $43,000 pivot level. Bitcoin Price Fails Again Bitcoin price started a steady increase above the $43,000 resistance. BTC even climbed above the $44,000 level and the 100 hourly simple moving average, but it failed to extend gains. There was no upside continuation above $44,500 and $45,000. As a result, the price started a downside correction below the $44,000 and $43,500 levels. The price declined below the 50% Fib retracement level of the upward move from the $40,802 swing low to $44,327 high. It is now trading below $43,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $43,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now consolidating near the $42,200 level. The bulls are protecting the 61.8% Fib retracement level of the upward move from the $40,802 swing low to $44,327 high. On the upside, an immediate resistance is near the $42,800 level. Sour...

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