Bitcoin tried an upside breakout above $47500 to the US Dollar. BTC lost traction, and it corrected below $46,500.
- Bitcoin’s bearish sign is apparent and it struggles below the $47,000 pivot point.
- This price trades below $46,500 as well as the 100 hourly simple moving Average.
- The hourly chart for the BTC/USD pair showed a breakout below the major pattern, with support at $46,400 (data feed Kraken).
- This pair might continue falling and possibly test the $45,000 support zone.
Bitcoin Prices Struggle Below $47K
From the $44,500 support area, Bitcoin prices saw an increase. BTC rose above $45,000 resistance and $45,500 support levels.
The bears even reached the $46,500 and 100-hourly simple moving average levels. But, bears were still active under the $47,000.00 resistance zone. The price reached a high of $47,444, and then began a new decline.
Clear movement below $46,500 and 100-hourly simple moving average. Price fell below 23.6% Fib level of upward wave that began at $44,257 low and ended at $47,44444 high. On the hourly chart, the BTC/USD pair showed a breakout below a significant pattern of support around $46,400.
Bitcoin’s price now tests the 50% Fib level of the uptrend from the swing low $44,257 high to the $47,4444 high. The $45,850 level is an immediate support for the downside.
Source: BTCUSD at TradingView.com
Near the $45,500 mark is the next significant support. At $45,000, the main support is now. In the short term, a downside breakout below the $45,000 support level could lead to increased selling pressure. If the previous scenario is true, then the price might even drop below $44,250.
What are the Upsides to Bitcoin?
It could increase its price if bitcoin is stable above the $45,000 level. A resistance area on the upside for bitcoin is located near the $46,250 threshold and the 100-hourly SMA.
Next is resistance at the $46,750 area. Now, the key obstacle is near the $47,000. Above which, the price could rise continuously. The price could rise to $48,500 in this case.
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 below the 50 level.
Major Support Levels – $45,250, followed by $45,000.
Major Resistance Levels – $46,250, $46,850 and $47,500.
