Bitcoin Price Analysis

Bitcoin price analysis; Continuation of the downtrend or strong price recovery?


As we said yesterday, the price of Bitcoin failed to maintain its support of $ 46,000, and after this support was broken, Bitcoin also fell sharply and fell below $ 45,000.

to the Report According to Newsbite, the price of bitcoin broke a lot of support during its recent fall, including $ 44,000 and $ 43,000, and entered a downtrend. The fall pushed Bitcoin below 42,000 and stabilized below the simple moving average of 100. Bitcoin is currently trading at around $ 42,300 per unit. The digital currency had fallen to $ 40,200 during the recent downtrend.

During the correction we have seen in recent hours, the price crossed the 50% Fibonacci level, which fell from $ 44,250 to $ 40,200.

$ 43,000 is the first resistance to the price of Bitcoin. $ 43,100 is another significant resistance of Bitcoin. At around $ 43,100 per hour frame, we are also witnessing the formation of a large downtrend line.

The trend line is close to the 76.4% Fibonacci retracement of the recent fall to $ 40,200. The price of Bitcoin is doomed to drop to $ 43,100 to start a strong recovery. The next significant resistance is in the $ 44,000 area. Then $ 45,000 is the next resistance.

Bitcoin price chart

If Bitcoin fails to cross the $ 43,100 resistance barrier, there is a possibility that the downtrend will continue. In that case, $ 42,200 will serve as the first support. $ 41,500 will be the next support for the Bitcoin price. Crossing this area will open the way for $ 40,500 and $ 40,000 to be broken.

At one hour timeframe, the MACD is slowly rising in the uptrend zone. The relative strength index (RSI) in this time frame is still far from 50 and is below this level. As we said, 41,500 and 40,500 are the main supports of the Bitcoin price, and $ 43,000, $ 43,100 and $ 44,000 also act as resistance on the chart.

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