Bitcoin Price Analysis: BTC Nosedives Below $48K
Bitcoin price is showing bearish signs below $48,000 against the US Dollar. BTC could decline heavily if it fails to stay above $46,500 and $45,000.
Bitcoin Price Analysis
Bitcoin price cleared the $50,000 resistance level and it even climbed above $52,000. However, BTC failed to stay above the $52,500 pivot level. A high was formed near $52,944 before the price started a fresh decline.
There was a break below the $50,000 and $48,800 support levels. The price even traded below the $45,000 support level and the 55 simple moving average (4-hours). There was also a break below a major bullish trend line with support near $51,200 on the 4-hours chart of the BTC/USD pair.
It tested the key $43,000 support zone. A low is formed near $42,830 and the price is currently correcting losses. There was a break above the $45,500 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $52,944 swing high to $42,830 low.
It is still well below $48,000 and the 55 simple moving average (4-hours). On the upside, an initial resistance is near the $47,850 level. It is near the 50% Fib retracement level of the recent decline from the $52,944 swing high to $42,830 low.
The first major resistance is near the $48,900 level and the 55 simple moving average (4-hours). A close above the $49,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $52,000 level.
An immediate support is near the $46,800 level. The first key support is near the $46,500 level. Any more losses could open the doors for a move towards the $43,000 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 bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.
Key Support Levels – $46,500 and $43,000.
Key Resistance Levels – $48,800, $49,000 and $50,000.
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