TA: Bitcoin Reaches Key Juncture, Why Recovery Won’t Be Easy

Bitcoin traded towards $41,200 before recovering against the US Dollar. BTC must clear $42,800 to start a fresh increase in the near term. Bitcoin extended decline and traded below the $42,000 support zone. The price is still trading below $43,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $42,780 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if there is a clear move above the $42,800 resistance. Bitcoin Price Approaches Key Resistance Bitcoin price remained in a negative zone below the $43,000 pivot level. BTC even broke the $42,000 support level and settled below the 100 hourly simple moving average. A low was formed near $41,288 and the price is now correcting higher. There was a move above the $42,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the key drop from the $43,800 swing high to $41,288 low. On the upside, an initial resistance is near the $42,550 level. It is near the 50% Fib retracement level of the key drop from the $43,800 swing high to $41,288 low. The main resistance is now forming near the $42,800 level. There is also a crucial bearish trend line forming with resistance near $42,780 on the hourly chart of the BTC/USD pair. An upside break above the trend line resistance could start a steady increase above $43,000. Source: BTCUSD on TradingView.com The nex...