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Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

Bitcoin failed to clear the $48,500 resistance zone in opposition to the US Dollar. BTC is sliding, but it surely might discover bids close to the $45,500 help zone.

  • Bitcoin is dealing with a robust resistance close to the $48,000 and $48,500 ranges.
  • The price is now buying and selling beneath $48,000 and the 100 hourly easy transferring common.
  • There is a serious bearish development line forming with resistance close to $47,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might decline closely if there is a transparent break beneath the $45,500 help zone.

Bitcoin Price Faces Resistance Near $48,500

Bitcoin price began a restoration wave above the $46,500 resistance zone. BTC surpassed the $48,000 degree, but it surely failed to achieve energy above the $48,200 degree.

A excessive was shaped close to $48,289 and the price is now correcting decrease. It traded beneath the 50% Fib retracement degree of the upward transfer from the $45,520 swing low to $48,289 excessive. Bitcoin price is now buying and selling beneath $48,000 and the 100 hourly easy transferring common.

An fast resistance on the upside is close to the $47,000 degree. The first main resistance is close to the $47,200 degree and the 100 hourly SMA. There is additionally a serious bearish development line forming with resistance close to $47,200 on the hourly chart of the BTC/USD pair.

Bitcoin price

Source: BTCUSD on TradingView.com

The subsequent key resistance may very well be $47,500, above which the price may rise in direction of the $48,500 resistance. To proceed greater, the price should achieve energy for a transfer above the $48,500 degree within the close to time period.

Dips Limited In BTC?

If bitcoin fails to clear the $47,500 resistance zone, it might lengthen decline. An fast help on the draw back is close to the $46,500 degree.

The 61.8% Fib retracement degree of the upward transfer from the $45,520 swing low to $48,289 excessive is additionally close to the $46,500 degree. A draw back break beneath the $46,500 degree might push the price in direction of the $45,500 help. The subsequent main help is close to $45,000, beneath which there is a threat of a pointy decline in direction of the $43,200 degree.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently beneath the 50 degree.

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

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

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