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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.

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.

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.

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.

More Losses In BTC?

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.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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