Bitcoin failed to retake the $49,000 resistance level yesterday as well today. BTC is now struggling at around $47,400 and its first resistance level is $48,000. It is obvious that BTC sees a decline at the time of writing.
BTC moved into a short-term bearish period again, just like the last week. There was a break below a key declining channel with support near $46,800 on the hourly chart. The primary cryptocurrency is now trading well below the 100 hourly simple moving average. It tested the $46,700 zone in the morning(Aug. 31st, UTC) and it currently consolidating losses.
The long and short traders are stalemating. If Bitcoin fails to gain an increase above $48,000 today, it might keep this performance for a little bit few days. If Bitcoin stays above the support level of $46,500, it could start a little increase.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is above the 40 level.
Major Support Levels – $46,500, followed by $45,000.
Major Resistance Levels – $47,700, $48,000 and $49,000.