Bitcoin started a fresh decline and dived into the $45,000 support zone after struggling to gain momentum above $47,000.
Bitcoin Erases Gains
Bitcoin made another attempt to gain momentum above the $47,000 resistance zone, but failed to break above it and reacted to the downside. There was a downside break below the $46,000 support level and the 100 hourly simple moving average. BTC declined below the $45,500 support but the bulls are now defending the $45,000 support zone.
A bottom was formed near $45,048 and the price is now consolidating. An immediate resistance on the upside is near the $45,450 level. This is close to the 23.6% Fib retracement level of the recent decline from the $46,845 low to $45,048 high.
The next resistance could be near $45,800 or $45,900. This is close to the 50% Fib retracement level of the recent decline from the $46,845 low to $45,048 low. There is also a key bearish trend line forming with resistance near $46,600 on the hourly chart of the BTC/USD pair
$46,600. Bitcoin price must surpass the $46,000 and $46,600 resistance levels to gain bullish momentum in the near term.
Will Bitcoin Drop More?
Jindal says that if Bitcoin fails to break past the $46,000 resistance zone, it may continue to move lower. An immediate support on the downside is near the $45,200 level. The next major support is seen near the $45,000 level. A downside break below the $45,000 support zone could start a major decline. In the stated case, the price may even decline to $44,360 in the near term. The next big support could be $44,000.
What Do Technical Indicators Say?
- Hourly MACD – MACD is slowly losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
- Major Support Levels – $45,200 followed by $45,000
- Major Resistance Levels – $45,450, $46,000 and 46,600
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