Bitcoin did not clear the $48,500 resistance against the US Dollar. BTC is still sliding but could see bids close to the $45,500 support area.
- Bitcoin faces strong resistance at the $48,000-$488,500 levels.
- The current price trades below $48,000, and the simple moving average is 100 hours.
- A major bearish trendline is emerging with resistance close to $47,200 (data feed Kraken).
- A clear break below $45,500 could lead to a significant decline in the pair.
Bitcoin Price Facing Resistance at Near $48,500
Bitcoin’s price began to recover above the $46,500 level. BTC reached the $48,000 mark, but failed to reach the $48,200 threshold.
The price reached a high of $48,289, and is currently correcting lower. It fell below the 50% Fib level of the upward swing from the $45,520 swing low and the $48,289 high. Bitcoin is currently trading below $48,000 as well as the simple 100-hour moving average.
The $47,000 level is the immediate resistance. Near the $47.200 level, and the 100 hourly SMA is the first significant resistance. A major bearish trendline is also emerging with resistance close to $47,200 in the hourly charts of BTC/USD.
Source: BTCUSD from TradingView.com
Price could move towards $48,500 if it breaks above $47,000. For the price to continue rising, it must strengthen in order for the price to rise above the $48,500 mark.
BTC Dips Limited
Bitcoin could continue its decline if it fails to break the $47,000.50 resistance level. The $46,500 level is a support area for the downside.
Also, the $46,500 threshold is within the reach of the 61.8% Fib level. The price could fall below $46,500 to push it towards $45,500. Below $45,000 there’s a possibility of sharp falls towards $43,200.
Indicators technical
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.
Major Resistance Levels – $47,200, $47,500 and $48,500.
