Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $45K

 2022-02-17 08:30:24

Bitcoin price failed to test the $45,000 resistance and started a downside correction. BTC declined below the $44,000 support level to move into a short-term consolidation phase. BTC must stay above $43,180 to avoid a sharp decline in the near term.


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The price is still trading above $43,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with support near $43,300 on the hourly chart of the BTC/USDT pair.

 

Bitcoin is now consolidating below the $44,000 level. On the upside, an initial resistance for the bulls is near the $44,450 level. The next key resistance is near the $44,800 level or the $44,700 high. The main resistance is still near $45,000. A clear move above the $45,000 resistance zone might start a decent increase. The next major resistance is near $45,500, above which the price might rise towards the $46,800 level.

 

If bitcoin fails to continue higher above the $44,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,300 zone and the trend line. The next major support is seen near the $43,180 level. If there is a downside break below the $43,180 support zone, the price might gain bearish momentum for a move to $42,400.

 

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is below the 50 level.

Major Support Levels – $43,300, followed by $43,180.

Major Resistance Levels – $44,400, $44,800 and $45,000.

 

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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