Bitcoin price is consolidating under the $46,000 area against the US Dollar. BTC could start a significant decline if it breaks out of the $44,200 support area in the near term.
- Bitcoin is facing significant resistance near the $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 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 could start a significant decline if it fails to clear the $46,000 resistance area.
Bitcoin price is unified
Bitcoin price failed to gain strength above the $46,500 region and started a new decline. The last swing low was formed near $44,135 before the price moved higher.
There was a break above the $45,000 resistance level. The price broke the 50% Fib retracement level of the recent decline from $47,399 to $44,135. However, the price is now facing resistance near the $46,000 and $46,200 levels.
There is also a major 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 high.
Bitcoin is now trading well below $46,000 and the 100 hourly simple moving average. There is an immediate resistance on the upside near the $45,750 level and the 100 hourly SMA.
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 major resistance at $47,400 in the near term.
More losses in bitcoin?
If Bitcoin fails to clear the $46,000 resistance area, it may resume its decline. There is immediate support on the downside near the $45,000 level.
The first major support is near the $44,500 level. It appears that the major support is forming near the $44,200 level. If there is a downside break below the $44,200 support area, the price may extend its decline. The next major support on the downside might be $43,000.
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.
Key support levels – $44,500, followed by $44,200.
The main resistance levels are $46,000, $46,200, and $47,400.
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