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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

TA: Bitcoin Struggles Below $46K, What Could Trigger Nasty Decline

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is consolidating below the $46,000 zone against the US Dollar. BTC could start a major decline if it breaks the $44,200 support zone in the near term.

  • Bitcoin is facing a major resistance near $46,000 and $46,200 levels.
  • The price is now trading well below $46,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a major decline if it fails to clear the $46,000 resistance zone.

Bitcoin Price Consolidates

Bitcoin price failed to gain strength above $46,500 zone and started a fresh decline. The last swing low was formed near $44,135 before the price climbed higher.

There was a break above the $45,000 resistance level. The price broke the 50% Fib retracement level of the recent decline from the $47,399 high to $44,135 low. However, the price is now facing resistance near the $46,000 and $46,200 levels.

There is also a key bearish trend line forming with resistance near $46,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $47,399 high to $44,135 low.

Bitcoin is now trading well below $46,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $45,750 level and the 100 hourly SMA.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $46,000 level. The next major resistance is forming near the $46,200 level, above which the price could rise towards the key $47,400 resistance in the near term.

More Losses In BTC?

If bitcoin fails to clear the $46,000 resistance zone, it could resume its decline. An immediate support on the downside is near the $45,000 level.

The first major support is near the $44,500 level. The main support seems to be forming near the $44,200 level. If there is a downside break below the $44,200 support zone, the price could extend its decline. The next major support on the downside could be $43,000.

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 back below the 50 level.

Major Support Levels – $44,500, followed by $44,200.

Major Resistance Levels – $46,000, $46,200 and $47,400.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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