Bitcoin Tops Near $47K, Why The Bulls Must Defend $45K

 2022-04-06 09:05:01

Bitcoin struggled to gain momentum above $47,000. BTC started a fresh decline and dived to the $45,000 support zone. Bitcoin price made another attempt to gain momentum above the $47,000 resistance zone. However, BTC failed to continue higher above $47,000 and reacted the downside.

 

There was a downside break below the $46,000 support level and the 100 hourly simple moving average. The price declined below the $45,500 support to move into a short-term bearish zone. However, the bulls are now defending the $45,000 support zone.

 

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A low is formed near $45,048 and the price is now consolidating. On the upside, an immediate resistance is near the $45,450 level. The next resistance could be near $45,800 or $45,900. Besides, there is a key bearish trend line forming with resistance near $46,600 on the hourly chart of the BTC/USDT pair. Bitcoin price must clear the $46,000 and $46,600 resistance levels to gain bullish momentum in the near term.

 

If bitcoin fails to clear the $46,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $45,200 level. The next major support is seen near the $45,000 level. A downside break below the $45,000 support zone could start a major decline. In the stated case, the price could even decline to $44,360 in the near term. The next major support might be $44,000.

 

Technical indicators:

Hourly MACD The MACD is slowly losing pace in the bearish zone.

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

Major Support Levels $45,200, followed by $45,000.

Major Resistance Levels $45,450, $46,000 and $46,600.

 

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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