Bitcoin is struggling, but it’s too early to say cops have given up – archyde

Bitcoin failed to break the USD 48,500 resistance zone against the US dollar. BTC is sliding, but it could find bids near the USD 45,500 support zone.

  • Bitcoin is facing strong resistance near the USD 48,000 and USD 48,500 levels.
  • The price is now trading below $ 48,000 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 $ 47,200.
  • The pair could give way if there is a significant break below the USD 45,500 support zone.

Bitcoin price encounters resistance near $ 48,500

Bitcoin price started a recovery wave above the $ 46,500 resistance zone. BTC surpassed the $ 48,000 level but failed to gain strength above the $ 48,200 level.

A high has been made at $ 48,289 and the price is now correcting downwards. It traded below the 50% fib retracement level of the move up from the low of $ 45,520 to the high of $ 48,289. Bitcoin price is now trading below $ 48,000 and the 100-hour simple moving average.

Immediate resistance to the upside is near the $ 47,000 level. The first major resistance is near the $ 47,200 mark and the 100-hour SMA. A large bearish trendline is also forming on the hourly chart of the BTC / USD pair with resistance near USD 47,200.

Source: BTCUSD on TradingView.com

The next major resistance could be at $ 47,500, above which the price could move towards the $ 48,500 resistance. To go any further, the price needs to gain strength in the short term to move above the $ 48,500 mark.

Dips limited in BTC?

If Bitcoin fails to break the $ 47,500 resistance zone, it could prolong the decline. Immediate support on the downside is near the $ 46,500 mark.

The 61.8% Fib retracement level of the move up from the low of $ 45,520 to the high of $ 48,289 is also close to the $ 46,500 level. A break below the $ 46,500 mark could push the price towards the $ 45,500 support. The next big support is near $ 45,000, below which there is a risk of a sharp decline towards the $ 43,200 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.

Major Support Levels – $ 46,500 followed by $ 45,500.

Main Resistance Levels – $ 47,200, $ 47,500, and $ 48,500.

Reference-www.nach-welt.com

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