Bitcoin Price Analysis

Bitcoin price analysis; What are the supports and resistances facing Bitcoin?


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.

Bitcoin price analysis;  What are the supports and resistances facing Bitcoin?
Bitcoin price chart (click on the image to see the original size)

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.

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