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BTC/USD increased within a down channel from the prices of $42,000 and $41,000 since a week. The bears must break through $40,000 in order to resume the downtrend.
After finding asks reach to $40,000, bitcoin price recovered below $42,000 and $41,000. Initial Bitcoin support level lies near the $40,000 price ($39,325 : 50% of Fibonacci retracement levels).
A decent breakout and follow-down move below $40,000 could open the gate for a push towards the $37,794 price ($37,794 : 38.2% of Fibonacci retracement levels).
The main resistance remains near the area of $42,000 and $41,000. Also it should be noted that Bitcoin and cryptocurrencies unite as the bears lose their momentum. The market is indicating a bearish opportunity below the above-mentioned resistance levels, for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.
Signals :
Sell orders are recommended below the area of $42,000 and $41,000 with the first target at the level of $37,794 ; and continue towards $35,000.
On the other hand, if Bitcoin fails to break out through the support level of $40,000; the market will rise further to the level of $45,811 (weekly resistance, double top, the last bullish wave - high price : $45,811 - 100% of Fibonacci retracement levels).
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