The price of Bitcoin has failed to clear the resistance zone of $ 48,500 against the US dollar. BTC is declining and may even fall below the 46,200 support zone.
- Bitcoin began a new fall after failing to cross the $ 48,500 resistance zone.
- The price is still trading below the simple simple average of $ 47,500 and 100 hours.
- The BTC / USD pair (data feed from Kraken) has a key bearish trend line with resistance around $ 48,100 per hour on the chart.
- Failure to stay above the $ 46,800 support zone could reduce this pair.
Bitcoin prices are facing hurdles
The price of Bitcoin has made another attempt to clear the স্ত 48,500 resistance level. BTC has risen above the 48,500 resistance, but it has failed to continue higher. A high was formed around $ 48,750 and prices started a new fall.
A clear break below the $ 48,000 level and a simple simple average of 100 hours. The price broke a connecting bullish trend line with support nearing $ 48,000 on the hourly chart. The latest swing high was formed around $ 48,323, before the price fell below 47 47,500.
The Bulls are now protecting the $ 46,800 support zone. A low is formed around $ 46,827 and Bitcoin is now consolidating losses. Side upward is an immediate resistance near the 47,200 level. The 23.6% Fib retracement level of the recent fall is from the high of $ 48,323 to the low level of $ 46,827 near the $ 47,200 level.
Source: BTCUSD on TradingView.com
The first major resistance sits near the $ 47,550 level. It is close to the 50% Fib retracement level of the recent fall from the 48,323 high to the পত 46,827 low. The hourly chart of the BTC / USD pair also has a key bearish trend line with resistance near $ 48,100.
To start another rise, the price needs to clear the 48,000 resistance. The next major resistance is near the $ 48,500 zone, above which the price could easily move towards the original $ 50,000 resistance.
More damage to BTC?
If Bitcoin fails to clear the $ 48,000 resistance zone, it could exacerbate its fall. On the downside an immediate support is near the $ 46,800 level.
The next major support is around the $ 46,280 zone. A break below the $ 46,200 zone could cause a nasty fall to the 45,000 level or even toward $ 43,800.
MACD per hour – MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – RTC of BTC / USD is now below 50 level.
Major support level – $ 46,800, then $ 46,280.
Major resistance levels – $ 47,550, $ 48,000 and $ 48,500.