And once again, Bitcoin price failed to surpass $48,500. Currently the price is adjusting and moving up toward $46,000. By remaining above $45,000 the upward trend is likely to continue. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price failed to surpass $48,500 and started a new downward trend.
- Currently, BTC is below $46,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, the support level for an important downward trend at $46,500 failed to support the price.
- If Bitcoin loses the $45,000 level, the price will dip
Bitcoin Price Action Analysis
BTC had another effort to pass $48,500 and despite having a spike reaching $48,830, it had to back down.
The price lost the $48,000 support as well as the SMA100. Following that, the support level for a crucial upward trend at $48,000 failed to support BTC. Bitcoin price reached back up at $48,323 to compensate for the loss. However, it once again went for a price correction.
The $47,000 and $46,400 support levels also failed. In the 1-hour chart, the support level for an important downward trend at $46,500 also failed to hold the price. At some point, BTC even dipped below $45,800 and hit a lowest record of $45,100 in the past few hours. Right now, the price seems to be adjusting to compensate for the decline.
Currently, Bitcoin price is below $46,000 and the 1-hour candles are below the SMA100.
The first resistance level is near the 23.6% Fibonacci retracement level from the latest fall from $48,827 to $45,098. This level is at $46,000. Following that, the $46,200 and $46,500 will stand on the way. Further growth will bring BTC near $47,000 near the 50% Fibonacci retracement level. The next resistance levels are respectively $47,200, $47,900 and $48,000.
On the other hand, if Bitcoin fails to break through $46,000, there will be further decline. In that case, the first support level will be at $45,100. Dipping below this point would be followed by $44,500 as the next support level. Persistence in bearish trend can bring BTC near the $43,900. The next support levels are respectively $43,500 and $43,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently above 29.
Resistance levels: Right now, the $46,000, $46,500 and $47,200 are crucial resistance levels to beat.
Support levels: the $45,100 and $44,800 are important support levels that will cause further decline if they are broken.
If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, stay right here.
