TA: Bitcoin Technical Indicators Suggest Short-Term Recovery To $41.3K – NewsBTC

It seems like the price struggled to stay above the 23.6% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low.

There is also a connecting bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair.

It is close to the 50% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low.

If the bulls able to clear the $41,250 and $41,350 resistance levels, the price could accelerate higher.

If bitcoin fails to clear the $40,250 resistance zone, it could continue to move down.

In the stated case, the price could decline towards the $38,500 level or even $38,000.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.

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