Bitcoin price struggled to recover above the USD 46,000 resistance against the US dollar. BTC could fall further below the USD 44,200 support zone in the short term.
- Bitcoin is facing major resistance near the $ 45,500 and $ 46,000 levels.
- The price is now trading below $ 45,000 and the 100-hour simple moving average.
- A large bearish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 45,500.
- The pair could continue to accelerate on the downside if there is a significant break below the $ 44,200 mark.
Bitcoin price remains at risk
Bitcoin price traded as low as $ 44,258 before attempting an upward correction. BTC managed to rebound above the USD 45,000 resistance level.
There was a break above the 50% fib retracement level of the recent decline from the high of $ 47,200 to the low of $ 44,258. The price even surged above the $ 45,500 resistance zone, but upside moves have been limited.
Bitcoin failed to break the resistance zone of $ 46,000. A large bearish trendline is also forming on the hourly chart of the BTC / USD pair with resistance near $ 45,500. It appears the pair struggled to break the trendline and climb just below the 61.8% fib retracement level of the recent decline from the high of $ 47,200 to the low of $ 44,258.
Source: BTCUSD on TradingView.com
It is now trading below $ 45,000 and the 100-hour simple moving average. On the flip side, immediate resistance is near the $ 45,000 mark. The first major resistance is near the $ 45,500 level and trend line. If Bitcoin breaks the $ 45,200 and $ 45,500 resistance levels, it could see further gains above the $ 46,000 level.
More losses at BTC?
If Bitcoin doesn’t climb above the $ 45,200 and $ 45,500 resistance levels, it could prolong its decline. Initial downside support is near $ 44,250.
The first major support is now near the $ 44,000 zone. The next major support is now near the $ 43,800 mark. If there is a significant break below $ 43,800, the price could plunge towards the $ 40,000 support zone. Medium support is near the $ 42,000 mark.
Hourly MACD – The MACD is picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now below the 40 mark.
Major Support Levels – $ 44,200, followed by $ 43,800.
Main Resistance Levels – $ 45,200, $ 45,500, and $ 46,000.