Bitcoin’s price has struggled to rebound above the $ 46,000 resistance level against the US dollar. In the short term, Bitcoin could continue to fall below $ 44,000.
- Bitcoin is experiencing major resistance at the $ 45,500-$ 46,000 levels.
- The price is currently trading below $45,000 and the 100 hour simple movement average.
- A major bearish trendline is emerging with resistance at $ 45,500 on hourly charts of the USD / BTC pair (Kraken data stream).
- If the pair breaks below $ 44,200, it could accelerate further.
Bitcoin price is still at risk
Bitcoin prices fell to $ 44,258 just before an upward correction. BTC was able to surpass the resistance level at $ 45,000
The price broke above the 50% fiber regression level of the recent fall from $ 47,200 to $ 44,258. Although the price broke the resistance zone at $ 45,500, the benefits were not great.
Bitcoin failed to break the resistance zone at $ 46,000. On the hourly chart for the BTC/USD pair, a major bearish trendline is also emerging with resistance at $ 45,000. The trendline was broken by the pair, which appears to have failed to clear it. It is evident that the pair has fallen from $ 47,200 to $ 44,258 at the Fib retracement level.
Source: TradingView.com: BTCUSD
It is trading below the $ 45,000 level and the 100 hour simple moving mean. The immediate resistance is at the $ 45,000 level. The trendline and the $ 45,000. level are the first resistance levels. Bitcoin could make further gains if it clears the resistance levels at $ 45,200 or $ 45,500.
BTC has more losses
Bitcoin could see a prolonged decline if it fails above resistance levels $ 45,200 or $ 45,500. Initial bearish support lies near the $ 44 250 level.
The $ 44,000 mark is the first major support. The $ 43 800 level is the next support. If there is a clear break below $ 43,800, the price could plunge towards the support area of $ 40,000. Intermediate support is at the $ 42,000 mark.
Technical indicators
Hourly MACD – The MACD is accelerating towards the bearish zone.
Hourly RSI – The RSI to USD / BTC is now below 40.
Major Support Levels – $ 44 200, followed by $ 33,000.
Major Resistance Levels – $ 45.200, $ 45.500, and $ 46,000
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