Bitcoin price is facing hurdles near the $46,000 zone against the US Dollar. BTC might begin a significant decrease if it continues to struggle near the $46,000 zone.
- Bitcoin is facing a major resistance near $45,600 and $46,200 levels.
- The cost is now trading below $45,500 and the 100 per hour easy moving average.
- There is a major bearish trend line forming with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The set needs to clear the $46,000 resistance zone to begin a constant boost in the near term.
Bitcoin Price Faces Hurdles
Bitcoin price extended its decline below the $45,000 level. BTC even surged below the $44,200 assistance level and settled below the 100 per hour easy moving average.
However, there was no downside continuation below $43,500. A low was formed near $43,374 and the cost began a constant healing. There was a break above the $44,200 resistance level. The cost broke the 50% Fib retracement level of the current drop from the $46,879 high to $43,374 low.
It is now facing a strong resistance near $45,500 and the 100 hourly simple moving average. The 61.8% Fib retracement level of the current drop from the $46,879 high to $43,374 low is likewise functioning as a resistance near the $45,550 level.
The main resistance is still near the $46,000 zone. To move into a favorable zone, bitcoin should clear the 100 per hour SMA, the pattern line zone, and $46,000. The next major resistance is forming near the $47,350 level, above which the price could rise towards the key $48,500 resistance in the near term.
More Losses In BTC?
If bitcoin stops working to clear the $46,000 resistance zone, it might resume its decrease. An immediate support on the downside is near the $44,600 level.
The initially significant assistance is near the $44,200 level. The next key support seems to be forming near the $43,400 level. If there is a drawback break below the $43,400 assistance zone, the cost might extend its decrease. The next major support on the downside could be $42,000.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now simply above the 50 level.
Major Support Levels – $44,200, followed by $43,400.
Major Resistance Levels – $45,550, $46,000 and $46,200.
