And once again, Bitcoin price failed to surpass $48,500. Currently the price is adjusting and moving up toward $46,000. By remaining above $45,000 the upward trend is likely to continue. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price failed to surpass $48,500 and started a new downward trend.
- Currently, BTC is below $46,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, the support level for an important downward trend at $46,500 failed to support the price.
- If Bitcoin loses the $45,000 level, the price will dip
Bitcoin Price Action Analysis
BTC had another effort to pass $48,500 and despite having a spike reaching $48,830, it had to back down.
The price lost the $48,000 support as well as the SMA100. Following that, the support level for a crucial upward trend at $48,000 failed to support BTC. Bitcoin price reached back up at $48,323 to compensate for the loss. However, it once again went for a price correction.
The $47,000 and $46,400 support levels also failed. In the 1-hour chart, the support level for an important downward trend at $46,500 also failed to hold the price. At some point, BTC even dipped below $45,800 and hit a lowest record of $45,100 in the past few hours. Right now, the price seems to be adjusting to compensate for the decline.
Currently, Bitcoin price is below $46,000 and the 1-hour candles are below the SMA100.
The first resistance level is near the 23.6% Fibonacci retracement level from the latest fall from $48,827 to $45,098. This level is at $46,000. Following that, the $46,200 and $46,500 will stand on the way. Further growth will bring BTC near $47,000 near the 50% Fibonacci retracement level. The next resistance levels are respectively $47,200, $47,900 and $48,000.
On the other hand, if Bitcoin fails to break through $46,000, there will be further decline. In that case, the first support level will be at $45,100. Dipping below this point would be followed by $44,500 as the next support level. Persistence in bearish trend can bring BTC near the $43,900. The next support levels are respectively $43,500 and $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 momentum.
RSI: the 1-hour relative strength index is currently above 29.
Resistance levels: Right now, the $46,000, $46,500 and $47,200 are crucial resistance levels to beat.
Support levels: the $45,100 and $44,800 are important support levels that will cause further decline if they are broken.
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