The price of Bitcoin once again tried to break the $ 48,000 resistance barrier. However, it failed to do so and fell below the $ 47,000 support area.
to the Report According to Newsbite, the price of Bitcoin also fell below the support of $ 46,500 and the simple 100-hour moving average (SMA100). At one point, we saw the price fall below the uptrend line near the support of $ 46,400 per hour frame time.
The price of Bitcoin fell above $ 45,000 after falling below $ 45,500. The price correction in the previous correction was $ 45,288 and now each bitcoin is traded in the range of $ 45,700. Bitcoin fell below Fibonacci 23.6% in the recent fall, from $ 48,080 to $ 45,288.
$ 46,500 is the first resistance to the price of bitcoin. Then there is the key resistance of $ 46,750. Crossing this resistance can pave the way for a simple 100-hour moving average resistance.
The 50% Fibonacci retracement, which fell from $ 48,080 to $ 45,288, is also in the $ 46,658 range. If Bitcoin can cross the $ 46,700 and $ 47,000 barriers, the next short-term target is the $ 48,000 support area.
The failure of Bitcoin to cross the 46,700 and 47,000 resistances could hasten its fall. In that case, $ 45,500 would be the first support for this digital currency.
The MACD in hourly time frame is in the downtrend area and is gradually decreasing in speed. The relative strength index (RSI) is also below 50.
As we said, $ 45,500 and $ 45,000 are the main supports for the Bitcoin price. The $ 46,500, $ 46,700 and $ 47,000 also act as the main resistances of the current trend, respectively.