Bitcoin struggled to gain momentum above $47,000 against the US Dollar. BTC started a fresh decline and dived to the $45,000 support zone.
Bitcoin reacted to the downside after it formed a short-term top near $47,000.
The price is trading below $46,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $46,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $45,000 support to avoid more downsides in the near term.
Bitcoin Price Trims Gains
Bitcoin price made another attempt to gain momentum above the $47,000 resistance zone. However, BTC failed to continue higher above $47,000 and reacted the downside.
There was a downside break below the $46,000 support level and the 100 hourly simple moving average. The price declined below the $45,500 support to move into a short-term bearish zone. However, the bulls are now defending the $45,000 support zone.
A low is formed near $45,048 and the price is now consolidating. On the upside, an immediate resistance is near the $45,450 level. It is near the 23.6% Fib retracement level of the recent decline from the $46,845 swing high from the $45,048 low.
The next resistance could be near $45,800 or $45,900. The 50% Fib retracement level of the recent decline from the $46,845 swing high from the $45,048 low is also near the $49,950 level.
Source: BTCUSD on TradingView.com
Besides, there is a key bearish trend line forming with resistance near $46,600 on the hourly chart of the BTC/USD pair. Bitcoin price must clear the $46,000 and $46,600 resistance levels to gain bullish momentum in the near term.
More Losses in BTC?
If bitcoin fails to clear the $46,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $45,200 level.
The next major support is seen near the $45,000 level. A downside break below the $45,000 support zone could start a major decline. In the stated case, the price could even decline to $44,360 in the near term. The next major support might be $44,000.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $45,200, followed by $45,000.
Major Resistance Levels – $45,450, $46,000 and $46,600.
Bitcoin struggled to gain momentum above $47,000 against the US Dollar. BTC started a fresh decline and dived to the $45,000 support zone.
Bitcoin reacted to the downside after it formed a short-term top near $47,000.
The price is trading below $46,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $46,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $45,000 support to avoid more downsides in the near term.
Bitcoin price made another attempt to gain momentum above the $47,000 resistance zone. However, BTC failed to continue higher above $47,000 and reacted the downside.
There was a downside break below the $46,000 support level and the 100 hourly simple moving average. The price declined below the $45,500 support to move into a short-term bearish zone. However, the bulls are now defending the $45,000 support zone.
A low is formed near $45,048 and the price is now consolidating. On the upside, an immediate resistance is near the $45,450 level. It is near the 23.6% Fib retracement level of the recent decline from the $46,845 swing high from the $45,048 low.
The next resistance could be near $45,800 or $45,900. The 50% Fib retracement level of the recent decline from the $46,845 swing high from the $45,048 low is also near the $49,950 level.
Source: BTCUSD on TradingView.com
Besides, there is a key bearish trend line forming with resistance near $46,600 on the hourly chart of the BTC/USD pair. Bitcoin price must clear the $46,000 and $46,600 resistance levels to gain bullish momentum in the near term.
If bitcoin fails to clear the $46,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $45,200 level.
The next major support is seen near the $45,000 level. A downside break below the $45,000 support zone could start a major decline. In the stated case, the price could even decline to $44,360 in the near term. The next major support might be $44,000.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $45,200, followed by $45,000.
Major Resistance Levels – $45,450, $46,000 and $46,600.
Tags: bitcoinbtcusdBTCUSDTxbtusd
FeedzyRead More
Crypto expert Michaël van de Poppe has made a bullish case for Bitcoin as he…
Originally published on Unchained.com. Unchained is the official US Collaborative Custody partner of Bitcoin Magazine…
Some analysts were frightened by the recent drop in Bitcoin prices. Though the coin is…
Crypto analyst DonAlt has listed four altcoins he will buy once he believes that Bitcoin’s…
“The institutions are coming.” Anyone who’s been in the Bitcoin space for any significant period…
Bitcoin will likely trade in a range between $60,000 and $70,000 through the next few…
