TA: Bitcoin Close Below $46K Could Spark Larger Degree Decline
19 Septiembre 2021 - 10:08PM
NEWSBTC
Bitcoin price failed once again to clear the $48,500 resistance
zone against the US Dollar. BTC is declining and it could even
decline below the $46,200 support zone. Bitcoin started a fresh
decline after it failed to surpass the $48,500 resistance zone. The
price is still trading below $47,500 and the 100 hourly simple
moving average. There is a key bearish trend line forming with
resistance near $48,100 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could continue lower if it fails
to stay above the $46,800 support zone. Bitcoin Price Is Facing
Hurdles Bitcoin price made another attempt to clear the $48,500
resistance level. BTC spiked above the $48,500 resistance, but it
failed to continue higher. A high was formed near $48,750 and the
price started a fresh decline. There was a clear break below the
$48,000 level and the 100 hourly simple moving average. The price
broke a connecting bullish trend line with support near $48,000 on
the hourly chart. The last swing high was formed near $48,323
before the price declined below $47,500. The bulls are now
protecting the $46,800 support zone. A low is formed near $46,827
and bitcoin is now consolidating losses. An immediate resistance on
the upside is near the $47,200 level. The 23.6% Fib retracement
level of the recent decline from the $48,323 high to $46,827 low is
also near the $47,200 level. Source: BTCUSD on TradingView.com The
first major resistance sits near the $47,550 level. It is near the
50% Fib retracement level of the recent decline from the $48,323
high to $46,827 low. There is also a key bearish trend line forming
with resistance near $48,100 on the hourly chart of the BTC/USD
pair. To start another increase, the price must clear the $48,000
resistance. The next major resistance is near the $48,500 zone,
above which the price could easily rise towards the key $50,000
resistance. More Losses In BTC? If bitcoin fails to clear the
$48,000 resistance zone, it could extend its decline. An immediate
support on the downside is near the $46,800 level. The next major
support is near the $46,280 zone. A downside break below the
$46,200 zone could trigger a nasty decline towards the $45,000
level or even $43,800. Technical indicators: Hourly MACD – The MACD
is slowly gaining pace in the bearish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $46,800, followed by $46,280. Major
Resistance Levels – $47,550, $48,000 and $48,500.
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