Bitcoin price is struggling to climb above $48,000 against the US Dollar. BTC could decline heavily if it fails to stay above $46,500.
Bitcoin Price Analysis
Bitcoin price made another attempt to clear the $50,000 resistance level. BTC even broke the $49,000 resistance level, but it failed to gain pace above $49,500.
A high was formed near $49,675 before the price started a downside correction. There was a break below the $49,000 and $48,500 levels. The price even traded below the $48,000 support level and the 55 simple moving average (4-hours).
It tested the key $46,500 support zone. A low is formed near $46,517 and the price is currently consolidating losses. It is well below $48,000 and the 55 simple moving average (4-hours).
On the upside, an initial resistance is near the $47,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $49,675 swing high to $46,517 low. The first major resistance is near the $48,000 level and the 55 simple moving average (4-hours).
The main resistance is now forming near the $48,200 level. There are also two bearish trend lines forming with resistance near $48,000 on the 4-hours chart of the BTC/USD pair.
The 50% Fib retracement level of the recent decline from the $49,675 swing high to $46,517 low sits near $48,100. A close above the $48,200 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $50,000 level.
An immediate support is near the $46,700 level. The first key support is near the $46,500 level. Any more losses could open the doors for a move towards the $44,000 support zone.
Looking at the chart, bitcoin price is clearly trading below $48,000 and the 55 simple moving average (4-hours). Overall, the price must stay above the $46,500 support level to continue higher in the near term.
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now just below the 50 level.
Key Support Levels – $46,500 and $44,000.
Key Resistance Levels – $47,250, $48,00 and $48,200.
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