What might limit Bitcoin's recovery?

Stabilized the price of Bitcoin Bitcoin under 46 thousand dollars fell sharply against the US dollar has been trading near 40 thousand dollars, before you start an upward correction.

Bitcoin dropped more than 10 % and broke the $ 45,000 and $ 43,000 support levels .

The price is now trading below $ 43,000 and the 100 hourly simple moving average .

-Ackl trend line with a major bearish resistance near 43100 dollars on the chart, per hour for a pair of BTC / USD (data feed from Kraken Kraken ).

The BTC/USD pair could resume its decline if it fails to recover above the $ 43,000 area .

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Bitcoin price corrects losses

Bitcoin price failed to stay above the $ 46,000 support area , and as a result, there was a sharp drop in the price below the $ 45,000 level .

While price broke several support near areas of 44 thousand dollars and 43 thousand dollars to enter the bearish region. The decline also rose to below $ 42,000 , and the price settled below the 100 hourly simple moving average .

Where it was trading near 40 thousand dollars. A bottom was formed near $ 40,200 .

While you Bitcoin now correcting higher level it has penetrated 41,500 dollars. Where the price was able to overcome the correction level Fibonacci Fib by 50 % last drop, from 44250 USD up swing, to 40200 US dollars.

There is also immediate resistance to the upside near the $ 43,000 level , with the first major resistance near the $ 43,100 level . There is a major bearish trend line forming with resistance near $ 43,100 on the hourly chart, for the BTC/USD pair .

While approaching the trend line from the correction level 76.4 % decline last, from the highest level of swing 44250 to 40200 US dollars.

Whereas, the price must get rid of the $ 43,100 resistance to start a strong recovery. The next major resistance is near the $ 44,000 area , above which the price can revisit the $ 45,000 resistance .

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More losses in Bitcoin?

If Bitcoin fails to clear the $ 43,100 resistance area , it may resume its decline. There is immediate support to the downside near the $ 42,200 level .

The next major support is near the $ 41,500 area . Where it can cause a downward breakout without area 41,500 dollars, to a new low level of about 40,500 or up to 40 thousand dollars.

Technical indicators:

- MACD per hour, gaining MACD and the pace is slowly emerging in the region.

Hourly RSI: The BTC/USD RSI is still well below the 50 level .

Key support levels, $ 41,500 , followed by $ 40,500 .

The main resistance levels are $ 43,000 , $ 43,100 and $ 44,000 .