Bitcoin Turns Lower, Why Bulls Could Struggle In Near Term?

 2022-01-04 08:51:50

Bitcoin price failed to climb above $48,000 and started another decline. BTC traded below the $47,500 and $47,200 levels to move further into a bearish zone.


The price even moved below the $46,500 level and the 100 hourly simple moving average. A low was formed near $45,707 and the price is now consolidating losses. Bitcoin price is now trading below $47,000 and the 100 hourly SMA. The first major resistance on the upside is near the $46,850 level.


Besides, there is a key bearish trend line forming with resistance near $47,100 on the hourly chart of the BTC/USDT pair. A clear move above the $47,000 resistance zone and the trend line could start a fresh increase. The next major resistance is near the $48,000 level. Any more gains could send the price towards the $48,500 level in the near term.


If bitcoin fails to recover above $47,000, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,800. A downside break below the $45,800 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,500 level in the coming sessions.


Technical indicators:

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 – $46,000, followed by $45,800.

Major Resistance Levels – $46,800, $47,000 and $47,100.


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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