TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $46K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is facing hurdles near the $46,000 zone against the US Dollar. BTC could start a major decline if it continues to struggle near the $46,000 zone.

Bitcoin is facing a major resistance near $45,600 and $46,200 levels.
The price is now trading below $45,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $46,000 resistance zone to start a steady increase in the near term.

Bitcoin Price Faces Hurdles

Bitcoin price extended its decline below the $45,000 level. BTC even spiked below the $44,200 support level and settled below the 100 hourly simple moving average.

However, there was no downside continuation below $43,500. A low was formed near $43,374 and the price started a steady recovery. There was a break above the $44,200 resistance level. The price broke the 50% Fib retracement level of the recent drop from the $46,879 high to $43,374 low.

It is now facing a strong resistance near $45,500 and the 100 hourly simple moving average. The 61.8% Fib retracement level of the recent drop from the $46,879 high to $43,374 low is also acting as a resistance near the $45,550 level.

Source: BTCUSD on TradingView.com

The main resistance is still near the $46,000 zone. To move into a positive zone, bitcoin must clear the 100 hourly SMA, the trend line zone, and $46,000. The next major resistance is forming near the $47,350 level, above which the price could rise towards the key $48,500 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 $44,600 level.

The first major support is near the $44,200 level. The next key support seems to be forming near the $43,400 level. If there is a downside break below the $43,400 support zone, the price could extend its decline. The next major support on the downside could be $42,000.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.

Major Support Levels – $44,200, followed by $43,400.

Major Resistance Levels – $45,550, $46,000 and $46,200.

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.

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