BTC / USD
23,070.63
0.57%
(+129.79)
ETH / USD
1,605.65
1.22%
(+19.38)
XRP / USD
0.41
0.56%
(-0)
LTC / USD
87.43
1.29%
(-1.14)
EOS / USD
1.09
0.09%
(0)
BCH / USD
134.22
2.43%
(+3.18)
ADA / USD
0.38
3.54%
(+0.01)
XLM / USD
0.09
0.19%
(0)
NEO / USD
8.22
3.51%
(+0.28)
XEM / USD
0.04
1.3%
(0)
DASH / USD
50.65
0.66%
(+0.33)
USDT / USD
1.00
0%
(0)
BNB / USD
304.99
0.04%
(+0.12)
QTUM / USD
2.64
3.86%
(+0.1)
XVG / USD
0.00
0.61%
(0)
ONT / USD
0.22
5.43%
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ZEC / USD
46.76
3.84%
(+1.73)
STEEM / USD
0.20
1.33%
(0)

Bitcoin Holds Key Support, What Could Trigger Strong Recovery

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Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.

  • Bitcoin is trading in a bearish zone below the $48,000 resistance level.
  • The price is trading below $47,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start a strong recovery wave if it stays above the $45,500 support zone.

Bitcoin Price Eyes Recovery

Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a fresh decline.

There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses.

Bitcoin is trading below $47,000 and the 100 hourly simple moving average. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low.

An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level.

More Losses In BTC?

If bitcoin fails to recover above $46,500, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,500.

A downside break below the $45,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,000 level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level.

Major Support Levels – $46,000, followed by $45,500.

Major Resistance Levels – $46,500, $47,000 and $47,500.

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