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.

If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, stay right here.