BTC chart indicates a resilient resistance level at $46,500 for the price. Currently, BTC is going through a price correction and can fall as low as $44,500. Here is a summary of BTC chart in the past 24 hours:
- BTC tried to stabilize above $46,000 yet failed.
- Currently, BTC is above $45,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, the $45,450 support zone failed to support the price.
- It would be possible for the BTC chart to fall as low as $44,500 or even $44,000.
BTC Chart Price Action Analysis
In the past few hours, the highest BTC price has been $46,546. By reaching this point, sellers took control and despite the efforts to stabilize above $46,000, BTC failed.
As of now, the price correction is ongoing and BTC is below $45,600. The price is close to the 23% Fibonacci retracement (from the latest rise from $42,843 to $46,546). Furthermore, in the 1-hour BTC chart, an important support zone at around $45,450 seems to be broken.
For now, BTC is still above $45,000 and the 1-hour candles are above the SMA100. The first support level is around the $45,000.
The first resistance however, is around $46,000. In case of a successful breakthrough of $46,000, the next resistance level will be $46,200. The primary resistance level is at around $46,500. By surpassing this resistance level, BTC can have a strong bull run in short-term.
The next resistance level will be $47,000 which will empower the upward trend if broken through.
On the other hand, If BTC fails to surpass the $46,000 and $46,200, there will be further downward trend. In that case, the first support level is expected to be around $45,000.
By falling below this point, the $44,500 near the SMA100 will support the price next. It is also close to the 50% Fibonacci retracement level. If the bear run continues, the price could approach $44,000. If $44,000 fails to support the price, the next crucial support will be at $43,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently 50.
Resistance levels: Respectively, the $46,000, $46,200 and $46,500 are crucial.
Support levels: the $45,000 and $44,500, are important support levels that will cause further decline if they are broken.
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