Bitcoin has been struggling to hold the $45,000 resistance level against the US Dollar. To avoid sharp falls in the short term, BTC should remain above $43,180
- Bitcoin shows a few bearish sign below $45,000 and $44,500.
- The price traded above $43,500, and the simple 100-hour moving average is at its highest.
- A key bullish trend line is showing support at $43,800 (data feed Kraken).
- If the pair moves below $43,180, it could be gaining bearish momentum.
Bitcoin price stuck below $45K
Bitcoin’s price did not test $45,000 resistance, and it began a downward correction. BTC dropped below the $44,000 level of support to begin a phase of consolidation.
The Fib retracement level at which the price moved upward from $41,574 low to $44,770 high was broken below 23.6%. The price remains above $43,500 as well as the simple moving average of 100 hours. On the hourly BTC/USD chart, there is a bullish trend line that forms with support at $43,800.
Although the price fell below $43,250, it was still supported at $43,000. Bitcoin has been consolidating at the $44,000 mark.
Source: BTCUSD at TradingView.com
The initial resistance level for bulls lies at the $44,450 mark. Next is the $44,800 or $44,700 level. Nearly $45,000 is the primary resistance. Clear moves above the $45,000 level of resistance could signal a significant increase. Next major resistance will be at $45,500. Above that, the price may rise towards $46,800.
BTC: More losses
Bitcoin could move lower if it fails to rise above $44,500 resistance. The trend line and $43,800 are immediate supports for the downside.
It is located near $43,180. The Fib level is close to the 50% Fib Retracement level for the upward movement from $41,574 low to $44,770 high. The price could gain bearish momentum if it breaks below the $43,180 support area.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Levels – $43,800, followed by $43,180.
Major Resistance Levels – $44,400, $44,800 and $45,000.
