TA: Bitcoin Close Below $46K Could Spark Larger Degree Decline
Bitcoin price failed once again to clear the $48,500 resistance zone against the US Dollar. BTC is declining and it could even decline below the $46,200 support zone.
Bitcoin started a fresh decline after it failed to surpass the $48,500 resistance zone.
The price is still trading below $47,500 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue lower if it fails to stay above the $46,800 support zone.
Bitcoin Price Is Facing Hurdles
Bitcoin price made another attempt to clear the $48,500 resistance level. BTC spiked above the $48,500 resistance, but it failed to continue higher. A high was formed near $48,750 and the price started a fresh decline.
There was a clear break below the $48,000 level and the 100 hourly simple moving average. The price broke a connecting bullish trend line with support near $48,000 on the hourly chart. The last swing high was formed near $48,323 before the price declined below $47,500.
The bulls are now protecting the $46,800 support zone. A low is formed near $46,827 and bitcoin is now consolidating losses. An immediate resistance on the upside is near the $47,200 level. The 23.6% Fib retracement level of the recent decline from the $48,323 high to $46,827 low is also near the $47,200 level.
Source: BTCUSD on TradingView.com
The first major resistance sits near the $47,550 level. It is near the 50% Fib retracement level of the recent decline from the $48,323 high to $46,827 low. There is also a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair.
To start another increase, the price must clear the $48,000 resistance. The next major resistance is near the $48,500 zone, above which the price could easily rise towards the key $50,000 resistance.
More Losses In BTC?
If bitcoin fails to clear the $48,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $46,800 level.
The next major support is near the $46,280 zone. A downside break below the $46,200 zone could trigger a nasty decline towards the $45,000 level or even $43,800.
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $46,800, followed by $46,280.
Major Resistance Levels – $47,550, $48,000 and $48,500.