TA: Bitcoin disrupts key support for why BTC could cost $ 40K

The price of Bitcoin does not stand above the significant support area of $ 45,000 against the US dollar. BTC is showing few signs of decline and could fall as low as $ 40k.

Bitcoin extended its decline below support levels of $ 45,500 and $ 45,000.
The price is currently trading below $ 46,000 and below the 100-hour simple moving average.
The hourly chart of the BTC / USD pair has a large downward trend line with resistance close to $ 45,800 (kraken data channel).
The pair can recoup losses, but gains can be capped at over $ 45,500.

Bitcoin Price Slump Continues

The price of Bitcoin began a new decline after it failed to cross the resistance zone of $ 48,000. BTC exceeded its $ 46,500 support area to move into short-term decline territory.

It consolidated over $ 45,500 for some time, but the Bears eventually took control into their own hands. The result was a $ 45,000 boost in support and a 100-hour simple moving average. Bitcoin jumped even below $ 44,500, trading at $ 44,258.

It is currently consolidating losses above the $ 44,500 level. The latest fall was a 23.6 per cent break from a high of $ 47,203 to a low of $ 44,258.

On the plus side, sudden resistance is near the $ 45,000 level. The first key resistance is near the $45,700 level (the final fault zone). The hourly chart of the BTC / USD pair also has a large downward trend line with resistance close to $ 45,800.

Source: BTCUSD on TradingView.com

The Trend line is a 50% correction from the recent drop, from a high of $ 47,203 to a low of $ 44,258. Had Bitcoin known its resistance levels of $ 45,700 and $ 45,800, it could have risen as high as $ 47,000 in the short term.

Are there more losses at BTC?

Had Bitcoin not risen above resistance levels of $ 45,700 and $ 45,800, it would have extended that decline. The initial support at the bottom is near the $ 44,500 level.

The first big boost is now close to the $ 44,200 zone. The next big boost is now close to $ 43,800. If

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