Taking a look at the Bitcoin chart, the price has come down to $45,950. The buyers provided support at around $46,200 zone and kept the price from further decline. Here is a summary of Bitcoin chart in the past 24 hours:
- With a bearish trend, Bitcoin price moved below the $47,000 and $46,500 support levels.
- Currently the price is above $46,200 and the 1-hour candles are above the SMA100.
- For the 1-hour Bitcoin chart, an important support level at $46,880 failed to support the price and the downward trend will likely continue.
Bitcoin Chart Price Action Analysis
Bitcoin chart had a strong downward trend yesterday and the $47,000 and $46,500 support levels failed to withstand. At some point, the price dipped below $46,200 and even touched $45,950.
It was the $46,200 support level near the SMA100 that stopped the downward momentum and set the price for recovery. Following that, BTC approached the 23% Fibonacci retracement (from the latest fall from $48,141 to $45,952). As of now, the price is over $46,200 and the 1-hour candles are above the SMA100. In the 1-hour Bitcoin chart, we can see an upward trend near the $46,880 is broken. In the same chart, there is a triangle pattern being formed with the resistance and support levels at $47,140 and $46,440.
For the bullish scenario, the fist resistance level will be at the top of the triangle at around $47,140. This resistance level is close to the 50% Fibonacci retracement level. By breaking it, we can expect the price to approach $48,500. For that case, Bitcoin must surpass the $47,670 to $47,870 zone.
In case Bitcoin price successfully surpasses this zone, the next resistance level will be at $48,600. More growth at that point would bring the price closer to the $49,500.
On the other hand, if Bitcoin fails to break through the bottom of the triangle, there will be a new downward trend.
For that scenario, the first support level will be the bottom part at around $46,440. By breaking this level, the price could approach $45,000.
If the price escapes through the bottom of the triangle, the next support will be $46,200. Then, we can expect $45,000 to support the price next. In case both of them fail, the price could approach $43,900.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently 48.
Resistance levels: Respectively, the $47,140, $47,780 and $48,600 are crucial.
Support levels: the $46,440 and $46,200 and $45,000, are important support levels that will cause further decline if they are broken.
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