Bitcoin price corrected gains and rose to over $ 45,000 against the US dollar. BTC is struggling to break the $ 47,000 mark now and could usher in another decline.
- Bitcoin faces major resistance near $ 47,500 and $ 48,000.
- The price is now trading well below $ 48,000 and the 100-hour simple moving average.
- A key bearish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 47,000.
- The pair could begin another decline as long as it trades below the $ 48,000 pivot level.
Bitcoin price faces hurdles
Bitcoin price fell sharply towards $ 42,000 before recovering. BTC was able to rebound above the USD 43,500 and USD 45,000 resistance levels.
The price even climbed above the 23.6% fib retracement level of the main decline from the $ 52,800 swing high to the $ 42,000 swing low. The bulls even pushed the price above $ 46,000. However, they faced sellers near the $ 47,450 mark.
It appears that the 50% Fib retracement level of the main decline from the $ 52,800 swing high to the $ 42,000 swing low acted as resistance. A key bearish trendline is also forming on the hourly chart of the BTC / USD pair with resistance near USD 47,000.
Source: BTCUSD on TradingView.com
The pair is now trading well below $ 48,000 and the 100-hour simple moving average. Immediate resistance to the upside is near the $ 47,000 level. The first major resistance is near the $ 47,500 mark. A closing price above the $ 47,500 mark could result in a decent spike in the short term. The next big hurdle for the bulls could be near the $ 48,500 zone.
More losses at BTC?
If Bitcoin fails to break the $ 47,500 resistance zone, it could see another decline. Immediate support on the downside is near the $ 45,500 mark.
The first major support is near the $ 44,800 mark. If there is a bearish break below the USD 44,800 support zone, the price could continue its decline. In the named case, the price could test the $ 43,000 support.
Hourly MACD – The MACD is slowly losing pace in the upward zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is still below the 50 mark, with a bearish angle.
Major Support Levels – $ 45,500 followed by $ 44,800.
Main Resistance Levels – $ 47,000, $ 47,500, and $ 48,500.