TA: Bitcoin Near Crucial Juncture, Why Bulls Could Aim Fresh Increase

Bitcoin price extended its decline and tested the key $40,750 support against the US Dollar. BTC could start a fresh increase as long as it is above $40,750. Bitcoin extended its decline below the $42,000 and $41,200 support levels. The price is now trading below $42,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent increase as long as it is above the $40,750 support zone. Bitcoin Price Tests Key Support Bitcoin price remained in a bearish zone below the $42,500 level. BTC extended its decline below $42,000 and settled below the 100 hourly simple moving average. There was a break below the $41,200 level, but the bulls protected the $40,750 support zone. A low is formed near $40,772 and the price is now rising. It surpassed the $41,200 and $41,500 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $44,327 swing high to $40,774 low. Bitcoin is now trading below $42,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $42,000 level. The first major resistance is near the $42,100 level. There is also a major bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair. The next major resistance is near the $42,600 level and the 100 hourly simple mov...