Bitcoin began a new decline below the $48,000 resistance level against the US Dollar. BTC still faces a steep decline below the $46,000 support area.
- Bitcoin fell again after failing to break the $48,000 resistance.
- It is currently trading at $47,000, below the simple 100-hour moving average.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $47,000. (Data feed from Kraken).
- A clear move below $46,000 could lead to a significant decline in the pair.
Bitcoin price remains at risk
Bitcoin’s price fell below $48,000, and it has since fallen again. BTC fell below $47.500 and $47.200 levels, putting it further in a bearish zone.
Even though the price moved lower than the $46,500 and 100-hourly simple moving average, it was still below that level. The price has been consolidating its losses since a low of $45,707 was reached. The price reached the 23.6% Fib level of the decline from $47,950 swing highs to $45,707 lows.
Bitcoin prices are currently trading at $47,000, which is below the simple moving average of 100 hours. Near the $46,850 mark is the first significant resistance to the upside. The Fib level is close to the 50% fib retracement of the decline from $47,950 high to $45,707 low.
Source: BTCUSD from TradingView.com
On the hourly chart for the BTC/USD pair, there’s a bearish trendline that is currently forming near $47,000. The trend line and $47,000 resistance could be crossed, triggering a new increase. Near the $48,000 mark is the next significant resistance. The price could reach $48,500 if it gains more.
BTC: More losses
It could move lower if bitcoin does not recover from $47,000. The $46,000 support zone is the immediate support. Nearly $45,800 is the first significant support.
The price could fall further if it falls below $45,800. If this is the case, then the price might fall towards $43,500 during the next sessions.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Levels – $46,000, followed by $45,800.
Major Resistance Levels – $46,800, $47,000 and $47,100.