Bitcoin rushed above $50,000 just for one day on Aug. 23rd, and then it started a downside again. As the chart below, BTC must settle above the 100 hourly Simple Moving Average to continue higher.
BTC is now trading near $46,970 and it even extended its decline below $46,600, a few hours ago. The low is concentrated at around $46,800. If Bitcoin wants a fresh increase, it needs to regain its power above $47,000 and go further. However, if it fails to hold on above the key support level of $47K, it could continue a downside and drop more to $46,100.
Hourly MACD – The MACD is losing pace in the bullish zone.
Hourly RSI – The RSI is now below the 40-level.
Major Support Levels – $46,800, followed by $46,500.
Major Resistance Levels – $47,300 and $47,500.