Bitcoin price is currently ranging below $46,000. In case of losing the $46,200 support level, BTC could have a major dip. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price has to break through the $46,000 and $46,200 resistance levels.
- Currently, BTC is below $46,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, there is an important downward trend with resistance level at $46,000.
- If Bitcoin fails to surpass $46,000, there will be a major decline in price.
Bitcoin Price Action Analysis
Bitcoin failed to surpass the $46,500 and went for a price correction. The lowest recorded price in the past few hours has been $44,135.
Following that, BTC started price adjustment and moved above $45,000. At that point, it penetrated the 50% Fibonacci retracement level form the latest fall from $47,399 to $44,135. As of now, Bitcoin price has to face the $46,00 and $46,200 resistance levels.
For the 1-hour chart, there is an important downward trend with resistance level at $46,000. This trendline is located near the 61.8% Fibonacci retracement level.
Currently, BTC is below $46,000 and the 1-hour candles are below the SMA100. The first resistance level is at $45,750 near the SMA100.
In case BTC successfully surpasses this point, the $46,000 will be next. Following that, the $46,200 is the next resistance level and if it is broken, BTC could approach $47,400.
On the other hand, if Bitcoin fails to surpass $46,000, there will be a new downward trend. In that case the $45,000 will be the first support level. Losing this level means that the price could dip as low as $44,500.
At this point, the primary support level seems to be at $44,200. If BTC falls below this level, the bear run will gain momentum. The next support level will be at $43,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently 50.
Resistance levels: Right now, the $46,000, $46,200 and $47,400 are crucial resistance levels to beat.
Support levels: the $44,500, $44,000 are important support levels that will cause further decline if they are broken.
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