BTC/USD Loses $42k Support as It Risks Further Downsides

Bitcoin Hovers above Breakout Level as It Risks Further Downsides

BTC/USD has been hovering above the breakout price level of $42,000 as it risks further downsides. Also, in the downtrend, a Doji candlestick is about to form whose opening and closing prices are the same. If BTC price holds above the breakout price level, it indicates that the market is about to reverse. Similarly, if a Doji candlestick closes at the end of a downtrend or uptrend, it indicates that the prior trend is about to change direction.

Resistance Levels: $50,000, $51,000, $52,000Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Following the September 7 breakdown, BTC price plunged to $43,220 low as bulls bought the dips. Buyers failed to sustain the bullish momentum above $48,800 high. The bears have struck again as BTC price broke below the moving averages, signaling the resumption of selling pressure. Bitcoin fell to the low of $40,255 and pulled back. The king coin is hovering above the $42,000 support. However, the price indicator has indicated a further downward move of Bitcoin, Meanwhile, on September 7 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BTC price will fall to the low of level 1.618 Fibonacci extension or level $37,401.70.

Brazilian Investment Bank, BTG Pactual Commences Crypto Trading App

BTG Pactual is a Brazilian investment bank that allows users to purchase Bitcoin and Ether to trade on its platform. However, BTG Pactual’s new crypto trading platform plans to allow its users to trade a wide range of altcoins. The bank has also launched a new platform that enables customers to make direct investments in cryptocurrencies. Andre Porthilo, BTG Pactual’s head of digital assets, indicated that “At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”

Meanwhile, Bitcoin has continued its downward move as it risks further downsides . BTC price has reached the low of $41,836. Bitcoin will further decline if price breaks below $40,000 psychological price level.The king coin may reach level 1.618 Fibonacci extension or level $37,401.