Bitcoin price failed to surpass the $47,000 resistance level and started a new downward trend. In case BTC manages to break from the top part of the triangle, there is a chance for short-term bullish run. Here is a summary of Bitcoin price in the past 24 hours:
- The $46,200and $45,500 levels failed to support Bitcoin
- Currently BTC is UNDER $46,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a triangle pattern forming with top and bottom at $45,400 and $44,300.
- By escaping through the top, Bitcoin price could bounce back.
Bitcoin Price Action Analysis
BTC failed to surpass the $47,000 resistance level and turned downward. The price penetrated the 23.6% and 50% Fibonacci retracement level from the latest rise from $442,829 to $47,394. Furthermore, the $46,200 and $45,000 support levels failed and BTC dipped below $45,000. The lowest recorded price in the past few hours has been $44,134.
By touching this low, the price adjustment began. Bitcoin price penetrated the 23.6% Fibonacci retracement level and surpassed the $45,000 resistance level. As of now, BTC is still below $46,000 and the 1-hour candles are below the SMA100.
For the 1-hour chart, we see a triangle pattern with top and bottom at $45,400 and $44,300. If the price adjustment continues, the first resistance level will be at $45,400 near the top part.
Following that, the next resistance level will be around $45,900. It is near the 50% Fibonacci retracement level form the latest fall. Further growth could bring the price closer to $46,500. The next resistance levels will be at $46,900 and $47,200.
On the other hand, if BTC fails to surpass $45,400, there will be another bear run. In that case, the first support level will be near the $45,000 to $44,900 zone near the 23.6% Fibonacci retracement level. Persistence in decline means that BTC will approach the bottom part at $4,300. Breaking through the bottom of the triangle will bring momentum to the bear run. In that scenario, the $44,200 and $44,000 will support the price and then the $43,000 will be next.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently 44.
Resistance levels: Right now, the $45,400 is the crucial resistance level to beat.
Support levels: the $45,000, $44,900 and $44,300 are important support levels that will cause further decline if they are broken.
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