TA: Bitcoin Prints Bearish Pattern, Why BTC Could Drop To $42K

Bitcoin extended decline below the $45,000 support against the US Dollar. BTC remains at a risk of a move towards the $42,000 support zone. Bitcoin gained bearish momentum after it broke the $45,000 support zone. The price is trading below $45,000 and the 100 hourly simple moving average. There are two bearish trend lines forming with resistance near $43,900 and $46,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline towards the $42,000 level in the near term. Bitcoin Price Dives Over 5% Bitcoin price started a major decline from the $47,000 resistance zone. BTC traded below the $46,000 and $45,500 support levels to move into a bearish zone. The price even broke the $45,000 support level and settled below the 100 hourly simple moving average. Finally, it spiked below the $43,000 level and traded as low as $42,904. It is now consolidating losses near the $43,000 level. On the upside, an immediate resistance is near the $43,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $46,845 swing high from the $42,904 low. There are also two bearish trend lines forming with resistance near $43,900 and $46,400 on the hourly chart of the BTC/USD pair. The next resistance could be near $44,250. The main resistance is now forming near $45,000 or the 50% Fib retracement level of the recent decline from the $46,845 swing high from the $42,904 low. Source: BTCUSD o...