BTC Key Indicators Suggest Improving Sentiment: Analysis

BTC key indicators suggest improving sentiment for the number one cryptocurrency as it extended the decline below the $41,000 level against the US dollar so let’s read more today in our latest Bitcoin news.

Bitcoin extended the decline and traded below the key $42,000 support zone so the price is now trading below the $43,000 and the 100 hourly simple moving average. The BTC Key indicators suggest that there’s a key rising channel forming with support close to the ,650 on the charts of the BTC/USD pair.
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The pair could continue to move down if there’s no recovery wave above $43,000. Bitcoin’s price started a new drop below the $45,000 and the $43,500 support levels and BTC even dropped below the $42,000 support zone and moved into a bearish zone.

The price settled below the $43,000 level and the 100 hourly simple moving average with the bears trying for a push towards $40,000. the new low was formed close to $40,555 before a new recovery wave. The price recovered above the $42,000 level and the 100 hourly simple moving average. The bears remained active near the $42,800 zone and a new high was formed near $42,786 and the price is now dropping. There was a move below the 23.6% FIB retracement level from the recent wave of $40,555 low to the $42,786 high.

BTC is now trading near the $41,750 support with the 50% fib retracement level of the recent wave. There’s also a keyring channel forming with the support near $41,650 on the hourly charts of the pair and on the upside, the first major resistance is near the $42,250 level and the 100 hourly SMA. A clear move above the $43,000 resistance could start a new recovery wave with the next major resistance being near the $44,500 level. If BTC drops to recover above $43,000 and continues to drop further, immediate support will be set at $41,800. a downside break below the trend line support could spark a move below $41,000 and the price could even decline towards $40,000 in the near term. The hourly MACD is gaining pace in the bearish zone while the hourly RSI for the pair is near the 50 levels. The major support levels hover between $41,650 followed by the $40,000 level and the major resistance levels are set between $42,750 and $44,500.