There was also a clear move below the $40,000 support zone and a close below the 100 hourly simple moving average.
An immediate resistance on the upside is near the $39,700 level.
It is close to the 23.6% Fib retracement level of the recent decline from the $43,415 swing high from the $39,240 low.
In the stated case, the price may perhaps rise towards the $41,350 resistance zone.
If bitcoin fails to clear the $40,000 resistance zone, it could continue to move down.
In the stated case, the price could accelerate lower towards the $37,500 level in the coming sessions.
He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.