TA: Bitcoin Corrects Lower, Why BTC Remains In Uptrend

Bitcoin struggled to clear the $42,500 resistance against the US Dollar. BTC is correcting gains and might find bids near the $40,000 support zone. Bitcoin started a downside correction from the $42,500 resistance zone. The price is trading below $41,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $41,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start a fresh increase unless there is a clear move below the $40,000 support zone. Bitcoin Price Dips Below Support Bitcoin price made two attempts to clear the $42,500 resistance zone. BTC formed a high near the $42,400 zone and started a downside correction. The price declined below the $42,000 and $41,500 support levels. It even traded below $41,200 and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $41,550 on the hourly chart of the BTC/USD pair. The pair is now testing the 50% Fib retracement level of the upward move from the $38,810 swing low to $42,370 high. On the upside, the price is facing resistance near the $41,000 level. Source: BTCUSD on TradingView.com The next major resistance could be near the $41,200 zone and the 100 hourly SMA. A successful break and close above the $41,200 level might start a steady increase. In the stated case, the price might rise towards the $42,000 level. Any more gains might ...