TA: Bitcoin Struggles Below $46K, What Could Trigger Nasty Decline

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Bitcoin price is consolidating below the $46,000 zone against the US Dollar. BTC could start a major decline if it breaks the $44,200 support zone in the near term.

  • Bitcoin is facing a major resistance near $46,000 and $46,200 levels.
  • The price is now trading well below $46,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a major decline if it fails to clear the $46,000 resistance zone.

Bitcoin Price Consolidates

Bitcoin price failed to gain strength above $46,500 zone and started a fresh decline. The last swing low was formed near $44,135 before the price climbed higher.

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There was a break above the $45,000 resistance level. The price broke the 50% Fib retracement level of the recent decline from the $47,399 high to $44,135 low. However, the price is now facing resistance near the $46,000 and $46,200 levels.

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There is also a key bearish trend line forming with resistance near $46,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $47,399 high to $44,135 low.

Bitcoin is now trading well below $46,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $45,750 level and the 100 hourly SMA.

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Source: BTCUSD on TradingView.com

The first major resistance is near the $46,000 level. The next major resistance is forming near the $46,200 level, above which the price could rise towards the key $47,400 resistance in the near term.

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If bitcoin fails to clear the $46,000 resistance zone, it could resume its decline. An immediate support on the downside is near the $45,000 level.

The first major support is near the $44,500 level. The main support seems to be forming near the $44,200 level. If there is a downside break below the $44,200 support zone, the price could extend its decline. The next major support on the downside could be $43,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

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

Major Support Levels – $44,500, followed by $44,200.

Major Resistance Levels – $46,000, $46,200 and $47,400.

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Author: Aayush Jindal


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