Bitcoin price failed to stay above the key support zone of $ 45,000 against the US dollar. BTC is showing some bearish signs and could drop to $ 40,000.
- Bitcoin extended its decline below the $ 45,500 and $ 45,000 support levels.
- The price is now trading below $ 46,000 and the 100-hour simple moving average.
- An important bearish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 45,800.
- The pair could make up for losses, but uptrends could be capped above $ 45,500.
Bitcoin price continues to fall
Bitcoin price started falling again after failing to break the $ 48,000 resistance zone. BTC broke the USD 46,500 support zone to move into a short-term bearish zone.
It has been consolidating over $ 45,500 for a while now, but the bears have finally taken control. As a result, there was a push below the $ 45,000 support and the 100-hour simple moving average. Bitcoin even rose below $ 44,500 and traded as low as $ 44,258.
It is now consolidating losses above the $ 44,500 mark. There was a break above the 23.6% fib retracement level of the recent decline from the high of $ 47,203 to the low of $ 44,258.
On the flip side, immediate resistance is near the $ 45,000 mark. The first major resistance is near the $ 45,700 level (the most recent break zone). An important bearish trendline is also forming on the hourly chart of the BTC / USD pair with resistance near $ 45,800.
Source: BTCUSD on TradingView.com
The trendline coincides with the 50% fib retracement level of the recent decline from the high of $ 47,203 to the low of $ 44,258. If Bitcoin breaks the $ 45,700 and $ 45,800 resistance levels, it could rebound towards the $ 47,000 mark in the near future.
More losses at BTC?
If Bitcoin doesn’t climb above the $ 45,700 and $ 45,800 resistance levels, it could prolong its decline. Initial downside support is near the $ 44,500 mark.
The first major support is now near the $ 44,200 zone. The next major support is now near the $ 43,800 mark. If the price does not stay above the $ 43,800 support, it could decline towards the $ 40,000 support level.
Hourly MACD – The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now below the 40 mark.
Major Support Levels – $ 44,500 followed by $ 43,800.
Main Resistance Levels – $ 45,700, $ 45,800, and $ 47,000.