TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $46K
Bitcoin price is facing hurdles near the $46,000 zone against the US Dollar. BTC could start a major decline if it continues to struggle near the $46,000 zone.
- Bitcoin is facing a major resistance near $45,600 and $46,200 levels.
- The price is now trading below $45,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $46,000 resistance zone to start a steady increase in the near term.
Bitcoin Price Faces Hurdles
Bitcoin price extended its decline below the $45,000 level. BTC even spiked below the $44,200 support level and settled below the 100 hourly simple moving average.
However, there was no downside continuation below $43,500. A low was formed near $43,374 and the price started a steady recovery. There was a break above the $44,200 resistance level. The price broke the 50% Fib retracement level of the recent drop from the $46,879 high to $43,374 low.
It is now facing a strong resistance near $45,500 and the 100 hourly simple moving average. The 61.8% Fib retracement level of the recent drop from the $46,879 high to $43,374 low is also acting as a resistance near the $45,550 level.
Source: BTCUSD on TradingView.com
The main resistance is still near the $46,000 zone. To move into a positive zone, bitcoin must clear the 100 hourly SMA, the trend line zone, and $46,000. The next major resistance is forming near the $47,350 level, above which the price could rise towards the key $48,500 resistance in the near term.
More Losses In BTC?
If bitcoin fails to clear the $46,000 resistance zone, it could resume its decline. An immediate support on the downside is near the $44,600 level.
The first major support is near the $44,200 level. The next key support seems to be forming near the $43,400 level. If there is a downside break below the $43,400 support zone, the price could extend its decline. The next major support on the downside could be $42,000.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish 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.
Major Resistance Levels – $45,550, $46,000 and $46,200.
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OhNoCrypto
via https://www.ohnocrypto.com
, Khareem Sudlow
