Bitcoin price started a fresh decline from well above ,000 against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could decline heavily if there is a clear move below the ,555 support zone. Bitcoin price is trading below ,000 against the US Dollar. BTC might continue to decline as long as it is below the ,000 resistance level. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,500 resistance. BTC traded below the ,000 and ,000 support levels to move again into a bearish zone. There was also a move below the ,000 level. However,
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- Bitcoin price started a fresh decline from well above $48,000 against the US Dollar.
- The price is now trading below $47,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $47,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could decline heavily if there is a clear move below the $45,555 support zone.
Bitcoin price is trading below $48,000 against the US Dollar. BTC might continue to decline as long as it is below the $48,000 resistance level.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $48,500 resistance. BTC traded below the $48,000 and $47,000 support levels to move again into a bearish zone.
There was also a move below the $46,000 level. However, the bulls remained active near the $45,500 zone. A low is formed near $456,515 and the price is now consolidating losses. It is trading below $47,000 and the 55 simple moving average (4-hours).
On the upside, an initial resistance is near the $46,800 level. The first key resistance is forming near the $47,000 zone. There is also a major bearish trend line forming with resistance near $47,000 on the 4-hours chart of the BTC/USD pair.
The trend line is near the 23.6% Fib retracement level of the downward move from the $52,100 swing high to $45,515 low. The next major resistance on the upside is near the $48,800 level.
It is near the 50% Fib retracement level of the downward move from the $52,100 swing high to $45,515 low. An immediate support on the downside is near the $46,000 level.
The next key support is near the $45,555 level. If the price fails to stay above $45,555, it could extend losses in the near term. The next major support sits near $44,500, below which there is a risk of a move towards the $43,200 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $48,000 and the 55 simple moving average (4-hours). Overall, the price could decline heavily if there is a clear move below the $45,555 support zone.
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 – $46,000 and $45,550.
Key Resistance Levels – $47,000, $48,000 and $48,800.