Bitcoin price is facing hurdles near the $ 46,000 zone against the US dollar. BTC could initiate a sharp decline if it continues to struggle near the $ 46,000 zone.
- Bitcoin faces major resistance near the $ 45,600 and $ 46,200 levels.
- The price is now trading below $ 45,500 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 46,000.
- The pair will have to break the $ 46,000 resistance zone to begin a steady rise in the near future.
Bitcoin price faces hurdles
Bitcoin price extended its decline below the $ 45,000 mark. BTC even rose below the $ 44,200 support level and settled below the 100-hour simple moving average.
However, below $ 43,500 there was no continuation of the downward move. A low was formed near $ 43,374 and the price began a steady recovery. There was a break above the USD 44,200 resistance level. The price broke the 50% fib retracement level of the recent decline from the high of $ 46,879 to the low of $ 43,374.
It now faces strong resistance near $ 45,500 and the 100-hour simple moving average. The 61.8% fib retracement level of the recent decline from the high of $ 46,879 to the low of $ 43,374 also acts as resistance near the $ 45,550 level.
Source: BTCUSD on TradingView.com
The main resistance is still near the $ 46,000 zone. To get into a positive zone, Bitcoin needs to break the 100-hour SMA, the trendline zone, and $ 46,000. The next major resistance is forming near the $ 47,350 level, above which the price could move towards the key resistance of $ 48,500 in the short term.
More losses at BTC?
If Bitcoin fails to break the $ 46,000 resistance zone, it could continue its decline. Immediate support on the downside is near the $ 44,600 mark.
The first major support is near the $ 44,200 mark. The next major support appears to be forming near $ 43,400. If there is a bearish break below the USD 43,400 support zone, the price could continue its decline. The next big downside support could be $ 42,000.
Hourly MACD – The MACD is slowly losing pace in the upward zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now just above the 50 level.
Major Support Levels – $ 44,200 followed by $ 43,400.
Main Resistance Levels – $ 45,550, $ 46,000, and $ 46,200.