Bitcoin price failed to settle above USD 48,500 and has been corrected down against the US dollar. BTC now faces many hurdles near $ 47,500 and $ 48,000.
- Bitcoin extended its decline and tested the USD 46,500 support zone.
- The price is now trading below $ 48,500 and the 100-hour simple moving average.
- A connecting bearish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 48,550.
- The pair could continue its decline unless it breaks above the $ 48,500 level and the 100-hour SMA.
Bitcoin price is falling again
Bitcoin price tried to break the $ 49,000 resistance zone. However, BTC has not been able to gain strength past the $ 49,200 mark. A high was formed near $ 49,335 before the price started falling again.
There was a sharp drop below the $ 48,500 support level and the 100-hour simple moving average. The price even broke the $ 47,500 and $ 47,000 levels. It tested the $ 46,500 support and a low near $ 46,493.
It is now consolidating losses above the $ 46,500 mark. Bitcoin rebounded above the 23.6% Fib retracement level of the recent decline from the high of $ 49,335 to the low of $ 46,493. It is now facing resistance near the $ 47,500 mark.
Source: BTCUSD on TradingView.com
The first major resistance is near the $ 48,000 mark. It is near the 50% Fib retracement level of the recent decline from the high of $ 49,335 to the low of $ 46,493. A connecting bearish trendline is also forming on the hourly chart of the BTC / USD pair with resistance near USD 48,550. To start a sharp rise, the price must cross the $ 48,500 resistance and 100-hour SMA.
More loss at BTC?
If Bitcoin doesn’t climb above the $ 48,500 resistance, it could see another spike. On the flip side, immediate support is near the $ 46,800 mark.
The first major support is near the $ 46,500 mark. If there is a downside break below the USD 46,500 support, the price could drop further. The next big support is near the $ 46,200 mark. Further losses could open the doors for a move towards the USD 45,000 support zone.
Hourly MACD – The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now near the 50 mark.
Major Support Levels – $ 46,500, followed by $ 46,200.
Main Resistance Levels – $ 47,900, $ 48,000, and $ 48,500.