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January 20, 2022
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Bitcoin Turns Sell on Rallies Towards $48K, Bears In Action

Bitcoin prolonged decline under the $47,500 assist zone towards the US Dollar. BTC may recuperate, however upsides may be restricted above $47,500.

  • Bitcoin began a contemporary decline under the $48,500 and $47,500 assist ranges.
  • The price is buying and selling under $48,000 and the 100 hourly easy transferring common.
  • There is a key declining channel forming with resistance close to $47,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may right larger, however upsides may be restricted above $48,000 within the close to time period.

Bitcoin Price Extends Decline

Bitcoin price did not recuperate above $48,800 and began one other decline. BTC traded under the $48,500 and $47,500 ranges to maneuver additional right into a bearish zone.

The decline gained tempo under the $47,000 stage. A low is fashioned close to $46,120 and the price is now consolidating losses. Bitcoin is buying and selling under $48,000 and the 100 hourly easy transferring common. An instant resistance on the upside is close to the $46,600 stage.

It is close to the 23.6% Fib retracement stage of the current drop from the $48,123 swing excessive to $46,120 low. The first main resistance is close to the $47,200 stage.

There can also be a key declining channel forming with resistance close to $47,150 on the hourly chart of the BTC/USD pair. The development line is near the 50% Fib retracement stage of the current drop from the $48,123 swing excessive to $46,120 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

A transparent transfer above the $47,500 resistance zone may begin a contemporary improve. The subsequent main resistance is close to the $48,500 stage, the place the bears may emerge. Any extra good points may ship the price in direction of the $50,000 stage.

More Losses In BTC?

If bitcoin fails to recuperate above $47,200, it may proceed to maneuver down. An instant assist is close to the $46,200 zone. The first main assist is close to $46,000.

A draw back break under the $46,000 stage may push the price in direction of the $45,500 assist. Any extra losses could probably lead the price in direction of the $45,000 assist zone, under which there’s a threat of a bigger decline within the coming periods.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is nicely under the 40 stage.

Major Support Levels – $46,200, adopted by $45,500.

Major Resistance Levels – $47,200, $47,500 and $48,500.

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