Sunday , October 17 2021
Home / Bitcoin (BTC) / Bitcoin Price Analysis: BTC Starts Downside Correction Below $46K

Bitcoin Price Analysis: BTC Starts Downside Correction Below $46K

Summary:
Bitcoin price failed to clear the ,000 resistance against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near ,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is likely to continue lower towards the ,750 and ,500 support levels in the near term. Bitcoin price is losing pace above ,000 against the US Dollar. BTC is likely to correct further lower below the ,000 level in the near term. Bitcoin Price Analysis Bitcoin price extended its increase above the ,000 resistance level. BTC even broke the ,000 resistance level to move further into a bullish zone. However, the price failed to surpass the ,000

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Nick Marinoff writes Wild Pack Beverage Company Says “Yes” to Crypto Payments

Nick Marinoff writes Jon Cunliffe Insists the Crypto Space Must Be Regulated

Nick Marinoff writes The US Bests China as the World’s Biggest BTC Miner

Nick Marinoff writes Jamie Dimon Really Doesn’t Like Bitcoin

  • Bitcoin price failed to clear the $48,000 resistance against the US Dollar.
  • The price is now trading below $46,000 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $45,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue lower towards the $43,750 and $42,500 support levels in the near term.

Bitcoin price is losing pace above $45,000 against the US Dollar. BTC is likely to correct further lower below the $44,000 level in the near term.

Bitcoin Price Analysis

Bitcoin price extended its increase above the $45,000 resistance level. BTC even broke the $47,000 resistance level to move further into a bullish zone. However, the price failed to surpass the $48,000 resistance.

A high was formed near $48,115 before the price started a downside correction. There was a break below the $47,000 and $46,000 levels. There was also a break below a key bullish trend line with support near $45,600 on the 4-hours chart of the BTC/USD pair.

The pair traded below the 23.6% % Fib retracement level of the upward move from the $37,334 swing low to $48,115 high. It is now trading below $46,000 and the 55 simple moving average (4-hours).

An immediate support is near the $44,000 level. The first key support is near the $43,750 level. The next major support is near the $42,500 level. It is near the 50% Fib retracement level of the upward move from the $37,334 swing low to $48,115 high.

Any more losses could open the doors for a move towards the $42,000 support zone. On the upside, an initial resistance is near the $45,200 level. The first major resistance is near the $45,500 level.

The main resistance is now forming near the $46,000 level. A close above the $46,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $48,000 level.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $46,000 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower towards the $43,750 and $42,500 support levels in the near term.

Technical indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $43,750 and $42,500.

Key Resistance Levels – $45,500, $46,000 and $48,000.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *