Bitcoin Is Hovering Around $46K, Could Drop Further?
Bitcoin price corrected gains and moved above $46,000. It is now struggling to surpass $47,000 but it could start another decline.
From the hourly chart above, Bitcoin is facing a major resistance at $47,000 and $48,000 levels. There is a key bearish trend line forming with resistance near $47,000 on the chart. BTC is now trading for far below the 100 hourly simple moving average. If it does not overcome this obstacle, it could take more time for BTC to recover from the crash.
If Bitcoin fails to clear the $47,0500 resistance line, it could start a fresh decline. The first major support on the downside should be near the $44,000 level. If there is a downside break below the $44,800 support zone, the price could extend its decline.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI is still below the 50-level.
Major Support Levels – $45,500, followed by $44,800.
Major Resistance Levels – $47,000, $47,500 and $48,500.
From the hourly chart above, Bitcoin is facing a major resistance at $47,000 and $48,000 levels. There is a key bearish trend line forming with resistance near $47,000 on the chart. BTC is now trading for far below the 100 hourly simple moving average. If it does not overcome this obstacle, it could take more time for BTC to recover from the crash.
If Bitcoin fails to clear the $47,0500 resistance line, it could start a fresh decline. The first major support on the downside should be near the $44,000 level. If there is a downside break below the $44,800 support zone, the price could extend its decline.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI is still below the 50-level.
Major Support Levels – $45,500, followed by $44,800.
Major Resistance Levels – $47,000, $47,500 and $48,500.
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