Bitcoin is struggling below the $45,000 resistance against the US Dollar. BTC needs to stay above $43,180 to avoid a sharp drop anytime soon.
Bitcoin is showing some bearish signs below $45,000 and $44,500. The price is trading above $43,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain some bearish momentum if there is a clear move below $43,180.
Bitcoin Price Held Below $45K
Bitcoin price failed to test the $45,000 resistance and started a downward correction. BTC dipped below the $44,000 support level to move into a short-term consolidation phase.
There was a break below the 23.6% Fibonacci retracement level of the upward move from the $41,574 low to $44,770 high. However, the price is still trading above $43,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair.
Recently, the price fell below the $43,250 level but remained above the $43,000 level. Bitcoin is now consolidating near the $44,000 level.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance for the bulls is near the $44,450 level. The next key resistance is near the $44,800 level or the $44,700 high. The main resistance remains near $45,000. A clear move above the $45,000 resistance zone could initiate a decent rally. The next major resistance is near $45,500, above which the price could rally to the $46,800 level.
More losses in BTC?
If Bitcoin fails to continue above the $44,500 resistance zone, it could continue moving lower. An immediate support on the downside is near the $43,800 zone and the trend line.
The next big support is seen near the $43,180 level. It is near the 50% Fibonacci retracement level of the up move from the $41,574 low to $44,770 high. If there is a downside break below the $43,180 support zone, the price could gain bearish momentum to move to $42,400.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Levels – $43,800, followed by $43,180.
Major resistance levels: $44,400, $44,800 and $45,000.
This post Bitcoin Top Bias Vulnerable If It Continues To Struggle Below $45K
was published first on https://www.newsbtc.com/analysis/btc/bitcoin-topside-bias-vulnerable-45k/