Bitcoin price failed to recover above $48,800 and started another decline. BTC traded below the $48,500 and $47,500 levels to move further into a bearish zone. The decline gained pace below the $47,000 level. A low is formed near $46,120 and the price is now consolidating losses. Bitcoin is trading below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $46,600 level.
The first major resistance is near the $47,200 level. There is also a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USDT pair. A clear move above the $47,500 resistance zone could start a fresh increase. The next major resistance is near the $48,500 level, where the bears might emerge. Any more gains could send the price towards the $50,000 level.
If bitcoin fails to recover above $47,200, it could continue to move down. An immediate support is near the $46,200 zone. The first major support is near $46,000. A downside break below the $46,000 level could push the price towards the $45,500 support. Any more losses may possibly lead the price towards the $45,000 support zone, below which there is a risk of a larger decline in the coming sessions.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is near the 50 level.
Major Support Levels – $46,200, followed by $45,500.
Major Resistance Levels – $47,200, $47,500 and $48,500.
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.