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Abstract:Bitcoin price made another attempt to break through the $47,000 resistance level. On the other hand, BTC failed to continue higher above $47,000 and reacted to the downside.
Bitcoin has struggled to gain traction above $47,000 the US dollar, BTC began a new decline, dropped to the $45,000 support level, and reacted negatively after forming a short-term top near $47,000. The price is currently trading below $46,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $46,600. To avoid further declines in the near term, the pair must remain above the $45,000 support level.
Bitcoin price made another attempt to break through the $47,000 resistance level. On the other hand, BTC failed to continue higher above $47,000 and reacted to the downside.
There was a downside break below the $46,000 support level and the 100 hourly simple moving average. The price fell below the $45,500 support level, entering a short-term bearish zone. On the other hand, the bulls are now defending the $45,000 support zone.
The price has formed a low near $45,048 and is now consolidating. On the upside, an immediate resistance level is near $45,450. It is close to the 23.6 percent Fib retracement level of the recent decline from the swing high of $46,845 to the low of $45,048.
The next level of resistance could be around $45,800 or $45,900. The 50% Fib retracement level of the recent decline from the $46,845 swing high to the $45,048 low is also near $49,950.
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $46,600. To gain bullish momentum in the short term, Bitcoin must break through the $46,000 and $46,600 resistance levels.
If Bitcoin fails to break through the $46,000 resistance level, it may continue to fall. On the downside, there is immediate support near $45,200.
The next significant support is seen near $45,000. A break below the $45,000 support level could signal the start of a major decline. In the stated case, the price could fall as low as $44,360 in the near future. The next significant financial assistance could be $44,000. Good luck!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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