Bitcoin price continued to fall below the $47,000 support area against the US Dollar. BTC may correct lower, but bears could remain active at $48,000.
- Bitcoin continued to fall below the $48,000- and $47,000-support levels.
- The price trades well below $48,000, and the simple moving average is 100 hours.
- An earlier break occurred below a major rising channel, with support at $49,400 (data feed from Kraken).
- Although the pair is making progress, there are still many obstacles to overcome. The total cost of $48,000
Bitcoin Price Breaks Key Support
The $50,000 support area was not reached by Bitcoin prices. BTC fell below the $50,000 pivot point due to a strong bearish reaction. The hourly chart of BTC/USD showed a break below the major rising channel and support at $49,400. The pair broke even the $47,000 support level and settled below the 100 hourly simple moving averages. The price has corrected its losses since a low was reached near $45,759 Bitcoin is trading close to the 23.6% Fib Retracement level of its downward movement from the $50,788 swing high and $45,759 low.
The $47,400 level is the immediate resistance. Near the $48,250 mark is the first major resistance. It is close to the 50% Fib Retracement level of the down move from the $50,788 swing high and $45,759 low. If the price breaks above the $48,250 resistance, it could open up to more upside.
The $50,000 level is the next major resistance. Above that, the price could gain momentum.
BTC: More Losses
Bitcoin could move lower if it fails to break the $48,250 resistance level. The $46,500 level is a support area for the downside. Near the $46,000 support, the first major support is currently in place. A break below the $46,000 level could push the price towards $45,500. In the short term, any further losses could push the price towards $45,000 support.
Technical indicators
- Hourly MACD – The MACD is gradually losing pace in bearish territory.
- Hourly RSI (Relative Strength Indicator) - The RSI of BTC/USD at the moment is well below 50.
- Major Support Levels: $46,250 followed by $46,000
- Major Resistance Levels: $47,400; $48,000 and $48,250
