Bitcoin is facing strong resistance above the $ 46,500 level, and the slow trend of its correction may continue to lower the price to the support of $ 44,500.
to the Report Bitcoin traded at its highest level at $ 46,546 before, like Ethereum, saw an increase in sales pressure. Buyers tried several times to keep the price above $ 46,000, but failed.
Bitcoin is now somewhat revised and traded below $ 45,600. The correction was accompanied by a break in the 23.6% Fibonacci level. In this analysis, Fibonacci levels are adjusted based on the uptrend of Bitcoin from $ 42,843 to the peak of $ 46,546. In addition, in the 1-hour Bitcoin / Dollar market outlook, a break was formed below the recent uptrend line, which was further supported by $ 45,450.
Bitcoin is still trading above the $ 45,000 level, and Kendall is above the 100-hour moving average. If the market declines, the first support for Bitcoin will be at the level of $ 45,000.
If the market is bullish, the first resistance to Bitcoin is near the $ 46,000 level and the first key resistance is in the $ 46,200 range. The main resistance is at the level of $ 46,500. A breakout that would push Bitcoin above $ 46,500 and stabilize the price at that level could trigger a relatively strong growth. In that case, the next key resistance will be $ 47,000. Further price increases could accompany Bitcoin to $ 48,000.
If Bitcoin fails to break the $ 46,000 and $ 46,200 resistance, the downward trend may continue. In this case, the first support for Bitcoin will be in the range of $ 45,000.
The first key price support is near the $ 44,500 level and the 100-hour moving average. The support is near the 50% Fibonacci level, which is set based on the uptrend of Bitcoin from $ 42,843 to the peak of $ 46,546. A further fall could lead to a drop to $ 44,000 support. Bitcoin will be the next key support as the $ 43,000 level continues to decline.
The MACD is slowly moving out of the uptrend in the one-hour timeframe, and the Relative Strength Index (RSI) is close to 50.
As mentioned earlier, $ 45,500 and $ 45,000 are the main supports of Bitcoin, and $ 46,000, $ 46,200 and $ 46,500 act as resistance to this digital currency.