Is Bitcoin Facing A Sharp Downside Correction Today?

 2021-08-12 11:27:24

Bitcoin broke through $46,000 yesterday. Although it did not exceed $47,000 in the end, it stood above $45,000 as a whole day. It fell from $46,000 today and is currently hovering below $45,000. At present, it is once again entering a short-term adjustment from the hourly chart.

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Bitcoin price is facing a strong resistance near $46,000. BTC is likely to nosedive if it is unable to retake $46,000 within today. There was a minor downside correction from the $46,214 high a few hours ago and the high became the short-term resistance now.

 

If bitcoin fails to climb above the $46,000 and $46,200 resistance levels, it might continue to fall down and needs to finds its support line near $44,300. Otherwise, it could fall further.

 

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI is now below the 40-level.

Major Support Levels – $44,300, followed by $44,000.

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

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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